Keyrock Hits $1.1 Billion Valuation in Series C Led by…

What Does Keyrock’s Latest Funding Round Signal?

Brussels-based digital asset services firm Keyrock has raised a Series C round led by SC Ventures, the investment arm of Standard Chartered, reaching a valuation of $1.1 billion. Ripple also participated as an existing investor, reinforcing continued backing from both traditional financial institutions and crypto-native infrastructure players. The round remains open and could total up to $100 million, according to the company. While unicorn valuations are not uncommon in digital assets, the timing of this raise stands out against a broader slowdown in crypto venture activity. Data indicates that March is on track to record just 29 disclosed venture deals, marking the lowest monthly count in a full year. Total funding in the first quarter of 2026 reached around $3.4 billion, aligning with some of the weakest periods seen during the 2022–2023 downturn following the collapse of FTX. Against this backdrop, Keyrock’s ability to secure new capital at a billion-dollar valuation suggests continued investor interest in infrastructure-focused firms rather than speculative or consumer-facing platforms.

How Will Keyrock Use the New Capital?

The firm stated that proceeds from the raise will be used to strengthen its balance sheet, expand its product suite, and pursue acquisitions. These priorities reflect a focus on scaling institutional services and consolidating capabilities across trading and asset management. Founded in 2017, Keyrock operates as a market maker, asset manager, and trading infrastructure provider across more than 80 centralized and decentralized venues. Its services include over-the-counter trading, options, and liquidity provision, positioning it at the intersection of execution and capital markets infrastructure. The company has also moved into wealth and asset management through its acquisition of Turing Capital, a Luxembourg-based alternative investment fund manager. That deal marked the launch of a dedicated division targeting institutional clients and private investors. “In 2026, we’re pushing for more growth in our services, client base, and geographic reach, as we look to gain greater market share and reinforce our position as a leading player,” said Keyrock CEO Kevin de Patoul.

Investor Takeaway

Why Are Traditional Institutions Backing Keyrock?

SC Ventures’ role as lead investor highlights continued interest from global banks in digital asset infrastructure. The investment aligns with broader efforts by financial institutions to gain exposure to tokenized markets without directly taking on exchange or custody risk. “Our investment in Keyrock reflects our conviction that sophisticated liquidity infrastructure is foundational to the evolution of digital asset markets. As tokenized assets scale, we believe full-service providers, like Keyrock, will play an important role for SC Ventures’ digital asset ventures,” said SC Ventures CEO Alex Manson. Ripple’s participation further supports this direction. As a provider of enterprise blockchain infrastructure, Ripple’s involvement ties Keyrock’s growth to expanding use cases in payments, settlement, and tokenized assets. The mix of investors suggests a convergence between traditional finance and crypto-native infrastructure, particularly in areas such as liquidity provision and institutional execution.

Investor Takeaway

How Is Keyrock Positioning for Its Next Phase of Growth?

Keyrock has expanded its geographic footprint with entities across Belgium, France, Switzerland, the UK, and the U.S., and has established a headquarters in New York. The move reflects a focus on operating within jurisdictions with clearer regulatory frameworks and deeper institutional demand. The firm employs more than 200 people globally and continues to build out capabilities across both centralized and decentralized markets. Its hybrid model, spanning market making, OTC trading, and asset management, places it in direct competition with other full-service crypto infrastructure providers. Its previous funding round in 2022, a $72 million Series B led by Ripple, supported earlier expansion efforts. The current Series C round builds on that trajectory, with an increased focus on scale and consolidation.