Keyrock acquires BlockFills trading assets in institutional crypto expansion

Keyrock, a digital-asset services firm, acquired the trading and brokerage assets of BlockFills' institutional digital asset business, bolstering its push into institutional crypto markets, the company said in a press release Thursday.

The completed transaction adds BlockFills' client relationships, trading technology and derivatives expertise to Brussels-based Keyrock's existing businesses spanning market making, over-the-counter (OTC) trading, options, credit, onchain services and asset management.

CoinDesk reported in June that Keyrock was in the process of acquiring Chicago-based crypto trading and lending firm Blockfills. According to a bankruptcy filing, Keyrock agreed to pay $3.25 million for substantially all of BlockFills' assets, while assuming certain liabilities, equity interests, customer relationships and proprietary technology.

The acquisition broadens Keyrock's regulatory reach through a CIMA-registered entity in the Cayman Islands and the proposed acquisition of an FCA-authorized entity in the U.K., subject to regulatory approval.

The company said the combined platform will offer institutional clients enhanced execution capabilities backed by Keyrock's balance sheet and regulatory infrastructure.

The deal brings several experienced executives to Keyrock, including Perry Parker, a former Goldman Sachs and Deutsche Bank derivatives executive who led institutional options at BlockFills, and Dan Schak, who oversaw risk and trading operations. The broader trading, operations and commercial teams will also join Keyrock.

Keyrock said it will integrate the business in phases and communicate directly with clients as services are rolled out. The company said the acquisition strengthens one of its fastest-growing businesses, digital asset derivatives, at a time when institutional demand for options and other crypto trading products continues to expand.

Read more: Crypto investment firm Keyrock is acquiring bankrupt lender Blockfills

CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.

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