Keyrock
Market maker
A Brussels market maker whose clearest public engagement is with Radix; client terms sit in private loan agreements and reporting goes to the client.
About Keyrock
Keyrock was founded in Brussels in 2017 and provides liquidity on more than 85 centralised and decentralised venues. Beyond market making it runs options and OTC desks, curates USDC vaults on Morpho with its own idle capital, and in September 2025 launched an asset and wealth management division after acquiring Luxembourg fund manager Turing Capital.
keyrock.com ↗Our verdict
Radix confirms the engagement, while loan terms are private and reports go only to the client, so the public record ends at the announcement.
How each block was graded
Mandate
Keyrock and Radix both announced their January 2024 engagement, in which Keyrock integrated Radix into its market-making stack and committed $10m+ in liquidity to the Radix ecosystem. The announcements do not say whose capital that is or give Keyrock authority over Radix’s own assets, and we found no DAO proposal naming it.
| What we found | Source | Checked |
|---|---|---|
| Radix: Keyrock commits $10m+ in liquidity to the Radix ecosystem and integrates Radix into its market-making stack (11 Jan 2024) | radixdlt.com | 2026-09-21 |
| Keyrock’s own announcement of the Radix engagement | keyrock.com | 2026-09-21 |
Money
No amount under management or trading volume is published. Market making runs under a Master Services Agreement and a Master Loan Agreement whose terms are not public.
| What we found | Source | Checked |
|---|---|---|
| not published | — | 2026-09-21 |
| Services governed by a Master Services Agreement and a Master Loan Agreement | keyrock.com | 2026-09-21 |
Transparency
Clients receive trading insights and statistics on demand; we found no public reporting.
| What we found | Source | Checked |
|---|---|---|
| “A broad range of trading insights and statistics on demand” for clients | keyrock.com | 2026-09-21 |
Strengths & weaknesses
What works
- ✓A client-side announcement confirms the Radix engagement
- ✓Trading statistics for clients on demand
Where it loses grades
- ✕No amount managed or volume disclosed
- ✕Loan terms for client tokens are not public
- ✕Its Morpho vaults hold its own idle USDC, so they say nothing about client mandates
A token issuer that wants a European market maker with reporting delivered privately.
A DAO that must show its token holders what its market maker is doing.
The rest of the dao treasury & liquidity managers ranking
Same three blocks, same rules, same review run — this is what Keyrock is being compared against.
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