Keyrock

Keyrock is a trading firm that provides buy and sell quotes for crypto assets on centralized and decentralized exchanges, and sells liquidity, OTC and investment services around that core. Its site groups the work into markets (market making, options, OTC and DEX liquidity), asset management, solutions for token projects, and research.

The company was incorporated in Brussels in 2017, according to its own timeline, and was founded by Kevin de Patoul, Jeremy de Groodt and Juan David Mendieta, who remain CEO, CTO and chief strategy officer. The executive team page also names Eric Beckwith as chief investment officer, Francesco Adiliberti as COO and Stef Wynendaele as chief commercial officer. Keyrock lists offices in Brussels, London, Zug and Paris and a team of more than 220 people across 36 countries.

Keyrock is privately held. Its timeline lists a 2018 seed round led by Volta Ventures, a 2021 Series A from SIX, Middlegame and Volta, a 2022 Series B from Ripple, Middlegame and Volta, and a 2026 Series C from SC Ventures, Ripple and other investors. The CEO's bio on the site gives a $1.1 billion valuation, without a date or source.

A token issuer hires Keyrock under two contracts named in its French terms: a Master Services Agreement for the market-making service and a Master Loan Agreement for the tokens the project lends Keyrock to trade with. OTC clients sign a custody and agent agreement or a custody and master trade agreement instead. None of these documents, or their fee and loan terms, are public.

Keyrock says clients receive trading insights and statistics on request. Its clearest public engagement is with Radix: in January 2024 the Radix team wrote that Keyrock would integrate the network into its market-making stack and deploy more than $10 million in liquidity across the Radix ecosystem, with obligations to keep quoting during volatile periods. For how that record compares with other firms that manage token and DAO liquidity, see how Keyrock compares with other treasury and liquidity managers.

Beyond market making, Keyrock runs options and OTC desks opened in 2023, validator services, and since its 2025 purchase of the Luxembourg fund manager Turing Capital, an asset and wealth management division offering quant strategies. Its 2026 purchase of Fija Finance was made, it says, to expand its on-chain reach.

Keyrock's group spans several companies, and its September 2026 announcement counts Keyrock Securities as the sixth entity operating under a formal regulatory framework. The site names these:

• Belgium: Keyrock NV, enterprise number 0685.795.245, the group's main operating company; the site does not name a Belgian licence.
• France: Keyrock FR SAS, registered with the AMF as a digital asset service provider under number E2024-115. Keyrock says this entity secured a MiCA licence in June 2026; we did not find the register entry.
• United Kingdom: Keyrock UK Limited, company 13722013. It relies on financial-promotion exemptions rather than an FCA authorisation, and its disclaimer says the Financial Ombudsman Service and FSCS do not cover its cryptoasset services.
• Cayman Islands: Keyrock Securities Ltd., registered with CIMA as a securities dealer for institutional derivatives and tokenized securities, announced in September 2026 after Keyrock acquired BlockFills' institutional trading and brokerage assets.

Keyrock also lists entities in Switzerland, Liechtenstein and the US but does not describe their permissions on its legal pages.

The main exposure is counterparty risk. Under a loan agreement the project's tokens are transferred to Keyrock, and getting them back, or the agreed cash, depends on Keyrock's solvency and on the contract. Keyrock does not publish the amount of client assets it holds, its trading volume or any client performance report.

Loaning tokens to a market maker also changes the effective float of a token, which matters to holders reading a token's distribution. We found no hack, insolvency or enforcement action involving Keyrock in the company's own pages and the sources reviewed in October 2026.

Keyrock's timeline runs from a three-founder algorithm project to a regulated multi-entity group.

• 2017: incorporated in Brussels; beta version of its market-making algorithms.
• 2018: version 1 of the algorithms; seed round led by Volta Ventures.
• 2021: version 2; Series A.
• 2022: Series B with Ripple; team passes 100.
• 2023: OTC and options desks open; team passes 170.
• January 2024: Radix liquidity engagement announced.
• 2025: Turing Capital acquired; Keyrock Asset and Wealth Management launched.
• 2026: Series C with SC Ventures and Ripple; Fija Finance acquired; MiCA licence for the French entity (June, per Keyrock); Keyrock Securities announced (September).