SC Ventures backs Keyrock in USD $1.1 billion round

Keyrock has secured Series C funding led by SC Ventures, valuing the Brussels-based digital assets firm at USD $1.1 billion.

The round also included continued backing from Ripple. Keyrock plans to use the proceeds to strengthen its balance sheet, expand its services, and pursue acquisitions.

The investment gives SC Ventures a larger stake in a business focused on trading and liquidity services in digital asset markets. Keyrock operates in market making, asset management, over-the-counter trading, and options trading, and says it works across 85 centralised and decentralised venues worldwide.

Founded in 2017, Keyrock employs 220 people across 37 countries and has entities in Belgium, the UK, Switzerland, France, and the US.

Growth plans

The latest round comes as Keyrock seeks to broaden its product offering and geographic reach. It described the fundraising as a rolling close and said it is considering additional investment as part of its growth plans.

The approach suggests the group may continue to raise capital as it scales in a market where digital asset firms have faced tighter funding conditions after several volatile years. A valuation above USD $1 billion places Keyrock among a relatively small group of privately held digital asset businesses to reach unicorn status in the current market cycle.

Keyrock has also been expanding its offering for institutional clients. Last year, it launched Keyrock Asset & Wealth Management, adding to a business that already spans trading, liquidity provision, and research.

Its pitch is aimed in part at traditional financial institutions seeking access to tokenised markets through an established intermediary. That aligns with a broader industry push to connect conventional finance with digital assets, particularly as banks and asset managers test tokenisation models for funds, bonds, and other financial instruments.

For SC Ventures, the investment adds to a portfolio focused on financial technology and market infrastructure. The unit is Standard Chartered's venture building and investment arm and has backed projects in digital assets and adjacent areas of financial services.

Digital asset infrastructure has drawn renewed investor attention as trading activity and institutional engagement recover from the downturn that followed the collapse of several high-profile crypto businesses. Liquidity provision, custody, trading, and tokenisation services have become focal points for firms seeking to support more mature market structures.

Executive views

Kevin de Patoul, Chief Executive Officer of Keyrock, described the fundraising as part of a broader expansion drive.

"Our latest funding round is a signal of intent for the future. Last year, we launched Keyrock Asset & Wealth Management to provide a service offering that's unmatched. 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," he said.

Alex Manson, Chief Executive Officer of SC Ventures, outlined the investor's rationale for the deal.

"Our investment in Keyrock reflects our conviction that sophisticated liquidity infrastructure is foundational to the evolution of digital asset markets. As tokenised assets scale, we believe full-service providers, like Keyrock, will play an important role for SC Ventures' digital asset ventures," he said.

The transaction underlines continued interest from established financial institutions in the infrastructure supporting digital asset markets, even as broader sentiment in the sector remains uneven. It also gives Keyrock additional capital to support its balance sheet and acquisition strategy as competition intensifies among firms serving institutional trading and tokenised finance.

Through SC Ventures, Standard Chartered has been building exposure to emerging areas of finance beyond traditional banking. The backing for Keyrock signals that digital market infrastructure remains one area where large banking groups still see room for selective investment.

Keyrock is active across both centralised and decentralised venues, reflecting how digital asset trading remains spread across different market structures. That footprint, combined with its trading and asset management businesses, is central to the position it is seeking to build as institutional demand for digital asset services develops.

The new capital will help strengthen its balance sheet, support innovation across its services, and fund potential acquisitions.