Cryptocurrency market maker Keyrock raises $72 million from Ripple

Keyrocka market maker Belgian company specialized in cryptohas collected 72 million dollars from Ripple, SIX Fintech y Middlegame Ventures.

Founded in 2017 in Brussels by Juan David Mendieta and Kevin de Patoul, Keyrock provides the liquidity in the cryptocurrency market and is now working with more than 85 exchangesincluding Kraken, Huobi, Bitpanda and Crypto.com.

On Wednesday, the market maker announced that it had closed a The market maker announced Wednesday that it had completed a $72 million funding round. from a group of investors including U.S. blockchain firm Ripple, the venture capital arm of Six Group, SIX Fintech Venturesand Luxembourg-based Middlegame Ventures.

The fundraising of Keyrock intervenes in a crucial moment for market makers.. The fall ofResearch in Alamedaan FTX Group entity and a leading market maker, has caused a liquidity crisis, Kaiko recently reported.

The head of KeyrockKevin de Patoul, however, said that the company had shut down its B series in September, well before the collapse of Sam Bankman Fried’s empire. This new round of funding follows a €4.3 million Series A round completed in the fall of 2020.

The FTX debacle and the expectation that regulation will become more stringent probably won’t slow institutional adoption […] Our ambition is to build one of the largest financial institutions, so we will do that with the right corporate governance to build a long-term organization.” said the leader in BusinessInsider.

Keyrockwhich initially focused on spot markets, has recently ventured into OTC markets, derivatives and futures.

The company employs about 100 people and plans to use the newly raised funds to. double its workforce and opened branches in Singapore and Switzerland.