The Rollup Tokenization's Inflection Point with Keyrock's Juan David
Dec 6, 2025
Juan David, Founder and CEO of Keyrock, dives into the transformative world of tokenization, having built crucial infrastructure since 2017. He shares insights on why regional stablecoins haven’t taken off compared to their USD counterparts. Juan highlights the importance of liquidity, discussing how market-making and protocol revenue reflect real business models. He also elaborates on on-chain FX and how stablecoins can manage cross-border risks. Ultimately, he emphasizes the return to fundamentals in the evolving crypto landscape.
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Origin Story: Liquidity First
- Juan David recounts Keyrock's origin in 2017 built on the simple idea that tokenization's purpose is liquidity.
- That belief led them to focus on scalable liquidity technology and expand into diversified financial services.
Institutions Vs Allocators
- Juan David separates 'financial institutions' from 'institutional allocators' to clarify adoption dynamics.
- Banks provide services to crypto while allocators control capital and are slower to put money on-chain.
Be A Power User To Validate Products
- Use the industry both as a service provider and a power user to validate product-market fit.
- Ask whether you'd actually use a protocol before investing or building around it.