French cryptocurrency market maker Flowdesk has closed a $50 million Series B funding round led by Cathay Innovation with participation from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI and Ripple.
Flowdesk has secured a $50M Series B round led by @Cathayinnov and with the support of its existing investors.
The funds will be used to broaden market-making and OTC services with a strong focus on improving trust and efficiency in digital asset markets.
Read more here:… pic.twitter.com/8cUgLC6JJJ
— Flowdesk (@flowdesk_co) January 18, 2024
According to sources The Blockthe company’s valuation following the investment round exceeded $250 million.
The funds raised will be used to increase staff from 100 to 150 people, expand the list of services offered, and obtain regulatory licenses in Singapore and the USA.
Flowdesk CEO Guilhem Chaumont spoke about the significant increase in trading volume and market maker income in recent months amid the revival of the cryptocurrency market.
The company supports about 130 digital asset platforms and trades between $150 million and $400 million per day, he said. He declined to disclose specific revenue figures.
Founded in 2020, Flowdesk is one of the liquidity providers for GBTC, recently approved as a spot Bitcoin ETF. The firm is in discussions with other issuers about potential collaborations. In June 2022, Flowdesk raised $30 million in Series A funding.
Market maker Wintermute previously reported a 400% increase in over-the-counter trading volume in the second half of 2023.
Let us remind you that last year the volume of venture investments in the crypto industry fell by 68%. The figure amounted to $10.7 billion versus $33.3 billion in 2022.
Found an error in the text? Select it and press CTRL+ENTER
Cryplogger newsletters: keep your finger on the pulse of the Bitcoin industry!