Keyrock has joined Finery Markets as a liquidity provider, plugging its market-making infrastructure into the platform’s institutional trading network. Under the arrangement, Keyrock will deliver pricing and liquidity through Finery Markets’ Quote Streams regime, with distribution reaching more than 1,300 markets across digital assets.
The setup is built on a non-custodial model. Finery Markets connects liquidity providers, brokers, exchanges, and trading firms through an electronic communication network, while participants keep control of their assets during execution. That detail matters. Institutional desks often want clear separation between custody and trading flow when managing counterparty risk.
Non-custodial structure targets institutional execution
Finery Markets is positioning itself as infrastructure for professional market participants rather than a single execution venue. Its network is designed to link regulated counterparties and liquidity sources in a format that resembles established structures in traditional finance. In digital asset markets, that usually means operational separation between asset custody and trade execution, plus access to several liquidity pools through one network.
For Keyrock, the partnership expands how its liquidity is distributed. The firm is active in market making, options trading, and OTC trading, and supports exchanges, asset managers, and institutional trading firms. Through Finery Markets, it can extend that coverage to a broader institutional client base seeking continuous pricing in major crypto assets and stablecoin pairs.
More than 1,300 markets added to distribution reach
The headline figure in the agreement is scale: 1,300+ markets. In fragmented crypto markets, market makers supply two-way pricing that supports trading activity and helps narrow spreads across venues. The wider the network, the more important consistent distribution becomes, especially for brokers, hedge funds, and trading desks that need dependable access to depth.
That is where firms like Finery Markets fit in. Its network brings together liquidity providers and institutional counterparties through electronic trading infrastructure and software designed for professional operations. As digital asset trading becomes more aligned with traditional market structure, these connections are taking on a larger role.
OTC growth outpaced centralized exchange spot OTC volumes
Finery Markets also pointed to changes in trading activity during 2025. According to its review, spot OTC volumes across the top 20 centralized exchanges rose 9% year over year. Over the same period, the broader OTC crypto market expanded by 109%. The gap is notable.
Large institutional trades often move through OTC channels because they offer direct liquidity access without putting visible pressure on exchange order books. As institutional exposure to digital assets increases, trading firms are building infrastructure that can support cross-venue liquidity and execution standards closer to what professional participants expect in other asset classes.
Executives focus on scale and counterparty diversity
Konstantin Shulga, chief executive officer and co-founder of Finery Markets, said the company was pleased to welcome Keyrock and described it as one of the firms that recognized the institutionalization of crypto markets early and approached it strategically. He added that both companies share the ambition to build infrastructure that changes how the digital asset industry is structured, while allowing institutional clients to operate in a familiar TradFi framework as they move onchain.
Keyrock chief executive officer Kevin de Patoul said scale and network depth are becoming critical as institutions increase digital asset exposure. He said Finery Markets’ ecosystem offers the connectivity and counterparty diversity needed for Keyrock’s global expansion, and that the partnership improves the firm’s ability to meet institutional demand with high-quality liquidity across multiple jurisdictions.