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Keyrock is a market maker and quantitative trading firm focused on digital assets, founded in 2017 and headquartered in Brussels, Belgium. It leverages proprietary self-adaptive algorithms and high-frequency trading technology to provide liquidity and market-making services for cryptocurrency exchanges, token projects, and institutional clients. Its core activities include providing two-sided quotes on centralized and decentralized exchanges to tighten bid-ask spreads, managing inventory risk through quantitative strategies, and designing liquidity solutions for newly issued tokens. Clients can access customized liquidity support via its API or partnership frameworks.
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About Keyrock
Keyrock is a cryptocurrency market maker that provides liquidity for digital asset markets. Its core services include algorithmic trading, over-the-counter (OTC) execution, and market making across both centralized and decentralized exchanges. The company also offers risk management tools and infrastructure solutions for institutional clients.
Keyrock's main competitive edge lies in its proprietary trading technology and data-driven strategies, which allow it to maintain tight spreads and efficient order execution. The company has expanded its regulatory footprint, recently securing a MiCA license in France and completing the acquisition of BlockFills' institutional trading business, which added derivatives expertise and a broader client network.
The market pain point Keyrock addresses is the lack of liquidity and price stability in crypto markets, particularly for smaller or newer tokens. By providing continuous two-sided quotes, it helps reduce slippage and improves market efficiency for exchanges and token issuers.
In the past six months (February to August 2026), Keyrock has focused on regulatory compliance and geographic expansion. It obtained a MiCA license in June 2026, enabling passporting across EU member states. In July 2026, it finalized the acquisition of BlockFills' trading and brokerage operations for $3.25 million, gaining a CIMA-registered entity in the Cayman Islands and strengthening its UK regulatory prospects. However, the BlockFills acquisition involved a company that had filed for bankruptcy in March 2026, which may carry integration risks.
Founded in 2017 in Brussels, Keyrock began as a crypto market maker and evolved into a comprehensive digital asset service provider. In 2022, it raised $72 million in a Series B round backed by Ripple and others, expanding its infrastructure and regulatory footprint. A landmark move came in 2025 with the $27.8 million acquisition of Turing Capital, a Luxembourg-based alternative investment manager, launching its asset and wealth management division and applying for MiCA licensing. That same year, Keyrock opened a New York office, marking its entry into the U.S. market. In 2026, Keyrock completed a Series C round at a $1.1 billion valuation, led by Standard Chartered's SC Ventures, solidifying its unicorn status. Shortly after, it acquired BlockFills' institutional trading and brokerage assets, gaining a CIMA-registered entity in the Cayman Islands and a pending FCA authorization in the UK, significantly expanding its derivatives and institutional client capabilities. These milestones reflect Keyrock's strategic evolution from a liquidity provider to a globally regulated, full-spectrum digital asset group.
On March 31, 2026, Keyrock closed a Series C round led by SC Ventures with participation from Ripple, valuing the company at $1.1 billion. The funds will be used to strengthen its balance sheet, expand services, and pursue acquisitions.
On June 15, 2026, Keyrock obtained a MiCA license through its French entity Keyrock FR SAS, enabling passporting rights and a stronger regulated digital asset footprint across the EU.
On July 16, 2026, Keyrock completed the acquisition of BlockFills’ institutional trading and brokerage assets, adding a CIMA-registered entity, a proposed FCA-authorised entity, and a Wall Street derivatives team to strengthen institutional client relationships, derivatives, and execution.
Keyrock’s stated future priorities are to leverage MiCA passporting for EU expansion, continue product innovation and acquisitions, broaden client base and geographic reach, and scale derivatives/options as a key growth area while building institutional-grade liquidity and regulatory infrastructure.
Kevin de Patoul (Co-founder & CEO): Previously strategy consultant at Roland Berger; founded Keyrock in 2017.
Jeremy de Groodt (Co-founder & CTO): Led software development for European institutions and banking before Keyrock.
Juan David Mendieta (Co-founder & CSO): Background in strategy consulting (Stratco) and co-founded Keyrock; also involved in education initiatives.
Francesco Adiliberti (COO): Former senior roles at Goldman Sachs, UBS, Nomura, HSBC, and Amber Group.
Stef Wynendaele (VP of Market Making): Joined Keyrock in 2018; previously held leadership roles in commercial and growth functions.
Recent team change at Keyrock: Chief Commercial Officer (CCO) Robert Valdes-Rodriguez departed in July 2026, after joining in May 2024. His departure marks a significant leadership transition for the market maker.