Keyrock reaches $1.1B valuation amid interest in crypto infrastructure
Belgium-based Keyrock has closed a new funding round at a $1.1 billion valuation. The round was led by SC Ventures, the investment arm of Standard Chartered, while Ripple also maintained its participation in the deal.
The transaction reflects continued interest from major investors in digital asset infrastructure, particularly in companies operating in liquidity, trade execution and services for the tokenized market.
Where the company will allocate the new capital
Keyrock raised Series C funding and said it will use the proceeds to strengthen its balance sheet, expand its product offering and pursue potential M&A deals. The round is being completed in stages, and the company has not ruled out raising additional capital as part of its broader growth strategy.
Keyrock CEO Kevin de Patoul said: “Our latest funding round is a signal of intent for the future.” According to him, after launching Keyrock Asset & Wealth Management in 2025, the company plans in 2026 to expand its range of services, client base and geographic presence.
Why this deal matters
Keyrock operates in market-making, over-the-counter trading, options trading and asset management. According to the company, it provides liquidity across more than 85 centralized and decentralized venues, while its team includes about 190 employees in 37 countries. That makes Keyrock a notable infrastructure player in the digital asset market.
SC Ventures CEO Alex Manson explained the rationale behind the investment this way: “As tokenized assets grow, we believe full-service providers like Keyrock will play an important role for SC Ventures projects in digital assets.”
For Keyrock itself, this round continues an expansion strategy already underway. In 2022, the company raised $72 million in a Series B round, and in 2025 it acquired Turing Capital and launched its Asset & Wealth Management division. At the industry level, the deal shows that institutional capital continues to flow into companies that provide core market infrastructure, not just retail-facing crypto products.
It also highlights Keyrock analytical profile. The company previously published research arguing that the key liquidity indicator for bitcoin price remains the issuance volume of US Treasury bills, rather than the balance sheet of the Federal Reserve or other central banks.
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