
Keyrock's French unit secured a MiCA license, enabling EU-wide crypto services. The firm, valued at $1.1B after a Series C led by SC Ventures, is backed by Ripple.
Keyrock, a crypto investment group, secured a MiCA license in France through its subsidiary Keyrock FR SAS. The authorization lets the firm offer regulated crypto services across the European Union, including market making, over-the-counter trading, and custody. The Belgian company reached a $1.1 billion valuation after a Series C round led by SC Ventures, the venture arm of Standard Chartered. Ripple participated in earlier funding rounds and remains a backer.
The MiCA license comes as the EU's unified crypto regime starts to reshape the landscape. Market makers that hold the passport can serve clients in all 27 member states without separate national approvals. Keyrock joins a small group of firms – including Circle and Societe Generale's Forge – that have secured full MiCA licenses. Others, such as Binance, have registered under transitional regimes or operate through national licenses.
Keyrock provides liquidity across more than 80 exchanges, according to its website. It runs algorithmic trading strategies for institutional clients and uses a combination of exchange and over-the-counter execution. The French subsidiary will act as the regulated hub, with plans to expand headcount in Paris.
The $1.1 billion valuation reflects the market's appetite for regulated crypto infrastructure. The Series C closed late last year, with SC Ventures contributing alongside a group of existing investors. The round was one of the largest in European crypto this cycle, following a pattern of late-stage capital concentrating on compliance-heavy firms. For context, deal counts in crypto have collapsed while late-stage rounds absorb outsized capital, as noted in AlphaScala's recent crypto market analysis.
Ripple's involvement ties Keyrock to one of the better-funded blockchain companies. Ripple has been expanding its own regulatory footprint, including a New York trust charter and a Dublin-based MiCA license application. The partnership aligns with Ripple's push to build institutional liquidity for its XRP token through licensed intermediaries.
Keyrock did not disclose the exact date of the license approval. The French financial regulator, the Autorité des Marchés Financiers, maintains a public register of authorized crypto firms. The subsidiary's registration number is listed as FR-01-2025-896.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.