Crypto Market Maker Keyrock Raises $72 Million In Funding Round Led By Ripple

Keyrock, a digital asset market provider, has secured $72 million in a Series B fundraising round led by crypto fintech Ripple.

Six Fintech Ventures and Middlegame Ventures also invested in the round, which was completed in mid-September.

Keyrock will use the money on infrastructure development, scaling tools, and regulatory licenses in Europe, the United States, and Singapore.

Kevin de Patoul, software developer Jeremy de Groodt, and entrepreneur Juan David Mendieta formed Keyrock. The company employs proprietary technologies to deliver scalable and customizable liquidity products to marketplaces and asset issuers, such as more than 85 trading venues and investor Ripple.

Market makers, such as Keyock, provide buy and sell prices for assets to platforms such as exchanges. They often generate money by charging higher selling prices than what they paid for the item and pocketing the difference, known as the spread.

For a monthly charge, the business also offers its market-making offering to customers. This entails providing liquidity to markets that have yet to generate significant trade volumes to generate income for the market maker.

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