About Keyring.

1. It started in fixed income

   We built and risk-managed fixed income inside global banks: rates structuring, quantitative strategies, risk methodology. Markets electronified in sequence, from FX through equities to swaps, and on-chain markets are following the same curve. We wanted to be early to the part we knew best.

2. Fixed income has the most to gain

   A single bond trade touches a dozen ledgers across custodians, brokers and clearers. A smart contract collapses that into one shared system of record. Aave, Morpho and Euler proved on-chain lending works. But four blockers kept fixed income away: compliance, insurance, settlement and governance.

3. Verification at zero cost

   NFT passports and DID orchestration added friction faster than trust. MPC-TLS let users prove facts directly from the websites institutions already trust, replacing the mesh of bilateral integrations a platform would otherwise carry. Verification only scales if its cost falls to zero, so we priced it at zero and built Connect.

4. Cover that institutions recognise

   Permissioned markets are underwritable markets. We co-designed a named-perils crime policy for DeFi lending vaults with a UK regulated carrier, bound and incepting soon. Credible cover is what unlocks institutional capital at scale.

5. The settlement gap

   Bonds, equities and most FX settle tom/next at best, which breaks atomic DeFi integration. OTC bridge liquidity is expensive at scale and fails under stress. We built [un]wind as the DeFi-native alternative: positions open and close in one transaction, funded by the lending market itself.

6. Parameters you can verify

   DeFi risk parameters are usually set behind closed doors, in private simulations and commercial negotiations. Our margin models are adapted from ISDA SIMM and Basel FRTB, and the methodology is published in full, so anyone can check a parameter against the method that produced it. Nothing is overridden out of sight.

7. Structuring, Connect, [un]wind

   Structuring originates and distributes deals, Connect handles permissioning, and [un]wind provides settlement liquidity. Structuring is the first customer for the other two while we scale them externally.

8. Live in production

   Keyring permissions assets across third-party production deployments today, and tokenised assets remain among the fastest-growing segments on-chain.

9. Decentralising the fixed income desk

   The financial products defined today in term sheets are moving into Ethereum smart contracts, and those contracts will displace the term sheets traditional finance runs on. Verification replaces the vouching that desks, custodians and intermediaries exist to provide. Keyring is building the blocks that make that shift possible.

• Toxicity Bounds for Dynamic Liquidation Incentives

  McFarlane, A. (2025). arXiv:2510.10171

  Research preprint(opens in new tab)

• The Changing Role of the DeFi Liquidator and Implications for Protocol Design

  McFarlane, A., Gujrati, S. & Zierold, J. (2026). Keyring.Network Ltd.

  Working paper(opens in new tab)

• D-SIMM: margining tokenised asset collateral

  Keyring Network. Documentation available on request.

  Framework documentation

• Leveraged Restaking of Leveraged Staking: What are the Risks?

  Carol Alexander (2024). SSRN 4840805

  Independent academic research(opens in new tab)

• DeFi Structuring: Estimating Liquidation Size

  Keyring Network (2025)

  Article(opens in new tab)

• DeFi Structuring: The relevance of JIT / MeV

  Keyring Network (2025)

  Article(opens in new tab)

• DeFi Structuring: Setting LTVs and Caps for Collaterals

  Keyring Network (2025)

  Article(opens in new tab)

• A Quiet Disruption

  Keyring Network (2025)

  Article(opens in new tab)

• Stuck in the 1970s

  Keyring Network (2025)

  Article(opens in new tab)

Keyring is backed by gumi Cryptos Capital, Greenfield Capital, Eberg Capital, UDHC, Motier Ventures and Kima Ventures, alongside angel investors from leading TradFi and crypto firms.

This page is provided for information only and is not an offer, solicitation or advice. Keyring products are available to eligible and professional participants only. Third-party names and marks are the property of their owners; references identify organisations in the Keyring ecosystem and do not imply partnership or endorsement.