How do TDMM and Keyrock compare at a glance?
| TDMM | Keyrock | |
|---|---|---|
| Founded | Active since 2015 | 2017, Brussels |
| Team | 30+ people across five continents | 220+ people across 36 countries |
| Core offer | Market making, liquidity provisioning, listing support, treasury and exit management | Market making, OTC, options desk, on-chain liquidity, ecosystem development, asset management |
| Venue coverage | 100+ CEX and DEX integrations; 200+ markets | 85+ venues; 1,400+ markets |
| Regulatory footing | Not published | MiCA licence via Keyrock FR SAS (June 2026); French AMF registration; Swiss VQF membership |
| Client type | Token projects, foundations and investors | B2B and institutional only; not available to US persons |
| Commercial model | Retainer; token loan structures by agreement | Not published |
| Funding | Part of TradeDog Group | $72M Series B (2022); Series C at $1.1B valuation led by SC Ventures (2026) |
Who is Keyrock?
Keyrock is a Brussels-founded market maker established in 2017 by Kevin de Patoul, Jeremy de Groodt and Juan David Mendieta. It reports 220+ staff, activity on more than 85 exchanges and 1,400 markets, and a product range that runs from market making and OTC to an options desk, on-chain liquidity management, validator services and asset management. It acquired Luxembourg fund manager Turing Capital in 2025 and BlockFills' institutional trading operations in 2026.
Its French entity is registered with the AMF and announced a MiCA licence in June 2026, and the firm joined the Swiss self-regulatory body VQF in 2023. Keyrock states that it is a B2B company that does not serve retail investors and is not available to US persons. It publishes no pricing or deal terms. It is also known for research, including a study of more than 16,000 token unlocks, and it was one of 12 market makers integrated with Coinwatch Track at that tracker's launch.
How do the two firms compare on reported venues and team?
Self-reported venue integrations
Where is Keyrock strong?
Institutional scale
220+ staff and 85+ venues, backed by SC Ventures, Ripple and SIX.
EU regulatory footing
A MiCA licence and AMF registration through its French entity, which matters to regulated counterparties.
Derivatives and OTC
An options desk covering 20+ tokens, an OTC desk and asset management products.
Research and verification
Widely cited unlock research, and integration with the Coinwatch Track monitoring tool.
Where does TDMM differ from Keyrock?
Built around the issuer
TDMM's whole offer is the token project's life: pre-launch planning, listing preparation, market making, treasury and exit. Keyrock serves issuers as one of several institutional client groups.
Listing support
TDMM prepares projects for exchange listings. Keyrock's pages do not describe a listing support service.
Smaller and emerging tokens
TDMM works with small-cap and emerging tokens and publishes benchmarks for books trading as little as $5,000 a day.
Treasury and exit on the same desk
TDMM runs treasury sales and investor exits alongside market making so the two do not compete.
TDMM or Keyrock: which fits which project?
| Your situation | Likely better fit | Why |
|---|---|---|
| Large-cap token needing an EU-licensed counterparty | Keyrock | MiCA licence and AMF registration through its French entity |
| Need listed or OTC options on your token | Keyrock | Dedicated options desk |
| Early-stage or small-cap token before or just after TGE | TDMM | Lifecycle service including listing preparation |
| US-based project | Check both | Keyrock states it is not available to US persons |
| Want treasury, exit and market making under one mandate | TDMM | One book across all three |
| Want a second market maker beside an institutional one | Both together | Most projects use two or three market makers, according to Arrakis |
What should you ask both firms before signing?
Do you take tokens of my size?
Ask each firm for the smallest market cap and daily volume it currently makes markets in.
What are the commercial terms?
Neither firm publishes prices. Ask for a retainer quote and a loan quote with the options valued in dollars.
Which entity will sign?
With a multi-entity group, the signing entity determines which licence and law apply.
How will I see performance?
Ask what is available on demand, what is scheduled, and whether a third-party tracker is used.
Which other TDMM comparisons can you read?
TDMM publishes 16 one-to-one comparisons. Each uses the same structure so they can be read side by side.
Frequently asked questions
What is Keyrock?
Keyrock is a crypto market maker founded in Brussels in 2017. It reports 220+ staff and activity on more than 85 exchanges and 1,400 markets, and offers market making, OTC, options, on-chain liquidity and asset management to institutional and B2B clients.
Is Keyrock regulated?
Keyrock's French entity is registered with the AMF as a digital asset service provider and announced a MiCA licence in June 2026. The firm joined the Swiss self-regulatory organisation VQF in 2023. Its UK entity relies on financial promotion exemptions.
How is TDMM different from Keyrock?
Keyrock is a large institutional firm with options and asset management. TDMM is focused on token projects from pre-launch to exit, adds listing support and treasury management, and works with small-cap and emerging tokens.
Which is better for a new token launch, TDMM or Keyrock?
Keyrock suits larger, institution-facing issuers that need a licensed EU counterparty or derivatives. TDMM suits projects that want listing preparation, market making, treasury and exit handled together, including at small-cap size.
How much does Keyrock charge?
Keyrock does not publish pricing or deal terms. As a market reference, Arrakis puts retainers at $3,000 to $7,000 a month per exchange and token loans at 1% to 5% of supply.
Can a project use both TDMM and Keyrock?
Yes. Most projects use two or three market makers, according to Arrakis. Each should have its own inventory and its own measurable terms per venue.
Related TDMM offerings and guides
Offerings
Details about Keyrock come from its website and public records read on 9 October 2026 and may have changed. Keyrock is not affiliated with TDMM and its name is used for identification only. TDMM publishes this page and has an interest in the comparison. This is not investment, legal or tax advice.