Keyrock Raises $72M In Funding Led By Ripple

Ripple, a cryptocurrency payments startup, has led a $72 million Series B fundraising round for Keyrock, a digital asset market provider. They’ve had Ripple as a client for three years now.

The funding round, which included Six Fintech Ventures and Middlegame Ventures, concluded in the middle of September.

Although Keyrock CEO Kevin de Patoul would not disclose the valuation in an interview with TheBlock, he did say that the increase was substantial given that the company had previously raised €4.3 million in Series A funding in October 2020.

Keyrock provides exchanges and other marketplaces with a buy and sell price for a certain asset. 

Typically, they generate a profit by reselling an item for more than they paid for it, a practice known as “the spread.” 

Ripple offers its market-making offering to customers for a monthly fee. This involves supplying markets with liquidity before there are enough trades to generate profits for the market maker.

In accordance with Kevin de Patoul, the CO-Founder of the platform Keyrock, “A big chunk of our vision is to provide liquidity on the markets that need it the most,” 

He added: 

“On those markets, the ability to generate revenue on the spread is very limited so we work with a fee structure [to provide liquidity].”

Ripple Labs Continues Expansion

Meanwhile, General Counsel Stuart Alderoty of Ripple Labs has recently made a remark that suggests the blockchain payment company is eyeing expansion into the European Union (EU).

After obtaining the necessary regulatory license from the authorities in the region, Ripple wants to “passport” its services through an Irish firm, as stated by Alderoty.

Another article states that Ripple CEO Brad Garlinghouse has expressed an interest in purchasing certain assets from bankrupt FTX while the latter pursues its bankruptcy processes following its abrupt collapse.