French Crypto Market Maker Flowdesk Raises $50 Million in Series B Funding
Flowdesk, a French crypto market maker, has secured $50 million in a Series B funding round. The investment was led by Cathay Innovation, with participation from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance. The funding round began in June and concluded in November. Despite challenging market conditions and a slowdown in crypto venture capital funding last year, the round went smoothly. This funding round comes two and a half years after Flowdesk raised $30 million in a Series A round in 2022. The new funding has increased Flowdesk’s valuation to over $250 million.
Cathay Innovation’s Managing Partner Joins Flowdesk’s Board of Directors
As part of the Series B funding round, Jacky Abitbol, Cathay Innovation’s managing partner, has joined Flowdesk’s board of directors.
Flowdesk’s Growing Business
Flowdesk has experienced significant growth in trading volumes and revenue recently. The company has witnessed a three-fold increase in revenue and a ten-fold increase in volume year-on-year as of January 2024. Flowdesk trades between $150 million to $400 million on spot markets per day and supports around 130 crypto exchanges.
The approval and launch of spot bitcoin exchange-traded funds (ETFs) in the United States have contributed to the rebound of crypto markets. Flowdesk is one of the liquidity providers for Grayscale Bitcoin Trust, which uplisted as a spot bitcoin ETF. The company is also in talks with other ETF issuers to potentially provide liquidity for their funds.
Flowdesk’s Expansion Plans
With the new capital raised, Flowdesk plans to expand its business globally. The company will focus on growth in Singapore and the U.S., and will open a new office in London. Flowdesk also intends to obtain regulatory licenses in these markets and ensure compliance with the European Union’s Markets in Crypto-Assets regulation.
As part of its expansion, Flowdesk aims to hire around 50 more employees, adding to its current team of approximately 100 people. The company recently hired a new CFO and onboarded several executives from Genesis Global Trading.
Hot Take: Flowdesk Secures $50 Million in Series B Funding, Accelerating Its Global Expansion
French crypto market maker Flowdesk has raised $50 million in a Series B funding round, led by Cathay Innovation. This funding comes at a time of significant growth for the company, with increased trading volumes and revenue. As part of its expansion plans, Flowdesk will focus on expanding its presence in Singapore, the U.S., and London. The funding round has elevated Flowdesk’s valuation to over $250 million. With fresh capital in hand, Flowdesk aims to obtain regulatory licenses, comply with EU regulations, and hire additional staff. This funding round marks an important milestone for Flowdesk as it continues to establish itself as a prominent player in the crypto market-making industry.
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