Crypto payments company Ripple has led a $72 million Series B funding round into digital asset market maker Keyrock. Ripple has also been a key client for the firm for the last three years.

Venture firms Six Fintech Ventures and Middlegame Ventures also participated in the round, which closed mid-September. The firm last raised €4.3 million in Series A funding in October 2020.

Market makers like Keyock offer a buy-and-sell price for an asset to platforms such as exchanges. Typically, they earn revenue by charging higher selling prices than what they buy the asset for, pocketing the difference between the two, known as the spread.

The firm also provides its market-making proposition as a service to clients for a set monthly fee. This means providing liquidity to markets that are yet to reach trading volumes sufficient to drive revenue for the market maker.

Along with a focus on options and ramping up over-the-counter operations, the company is looking to use the funding to further build out its market making-as-a-service offer.

Much like its competitors, Keyrock also invests in companies and funds. It recently backed LeadBlock Partners new $150 million fund. LeadBlock is a European crypto venture fund set up by former Goldman Sachs employees.

Meanwhile, it is also busy plowing ahead with expansion plans. With the funding, the Brussels-based company is planning to expand to Switzerland and Singapore next year with an office already in London.

In all these jurisdictions, it's looking to procure regulatory licenses and is currently in the process of obtaining licensing in the UK.