Keyrock Becomes a Unicorn: $1.1B Valuation Lands in SC Ventures-Led Series C

Brussels' finest unicorn has officially left the stable. Keyrock, the digital asset firm based somewhere in Belgium (where else would you stash a crypto unicorn?), just closed a Series C funding round at a $1.1 billion valuation, led by SC Ventures—Standard Chartered's venture arm that apparently enjoys living dangerously.

Old friend Ripple also showed up to the party as an existing backer, because apparently once you've backed a crypto company, you're in for life. The round's still technically open, by the way, which means there's still time for more investors to pile in before it potentially swells to a cool $100 million.

So what's the billion-dollar plan? Keyrock says it'll use the cash to strengthen its balance sheet, expand services, and maybe buy a competitor or two. The company currently offers market making, asset management, OTC trading, and options services across digital asset markets—and positions itself as the diplomatic translator between stuffy TradFi institutions and the wild west of crypto. A bridge, if you will. A very expensive bridge.

"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, presumably while polishing his horn.

The firm operates across more than 80 centralized and decentralized trading venues and employs over 200 people globally. Last September, Keyrock expanded into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager. That deal launched Keyrock's Asset and Wealth Management division, targeting institutional clients and private investors. Because apparently if you're going to be a unicorn, you might as well offer everything.

For context: Ripple previously led Keyrock's $72 million Series B round back in 2022. That's right—Ripple has been in this relationship since before it was cool, and apparently still isn't tired of Keyrock's charm.