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Keyrock buys BlockFills institutional trading assets to expand derivatives
The acquisition adds BlockFills client relationships and trading technology, and Keyrock says the combined platform will improve execution for institutional options and other crypto trading products.
Keyrock said it has acquired the trading and brokerage assets of BlockFills’ institutional digital asset business, aiming to deepen its footprint in institutional crypto capital markets. The deal adds BlockFills clients, trading technology, and derivatives expertise to Keyrock’s existing platforms, which include market making, OTC trading, options, credit, onchain services, and asset management, according to CoinDesk.
Keyrock expects the transaction to expand its regulatory footprint through a CIMA-registered entity in the Cayman Islands and, pending approval, a proposed acquisition of an FCA-authorized entity in the U.K. The company also said it will integrate the acquired business in phases and communicate directly with clients as services roll out.
CoinDesk reports that several senior BlockFills executives, including veteran derivatives traders Perry Parker and Dan Schak, are joining Keyrock. Keyrock said Parker led institutional options at BlockFills and Schak oversaw risk and trading operations, while additional trading, operations, and commercial teams will transfer as well.
The acquisition is described as supportive of Keyrock’s growth in digital asset derivatives as institutional demand for options and other crypto trading products continues to expand, the outlet reported. In connection with the transaction, CoinDesk noted that a bankruptcy filing showed Keyrock agreed to pay $3.25 million for substantially all of BlockFills’ assets while assuming certain liabilities, customer relationships, and proprietary technology.