Grayscale Bitcoin ETF Liquidity Partner Flowdesk Raises $50 Million in Series B
French crypto financial services firm Flowdesk has successfully raised $50 million in a Series B funding round led by Cathay Innovation. The funding round includes participation from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple, as per a statement shared with Cryptonews.
Flowdesk’s $50 million funding follows a $30 million Series A round in June 2022, led by Eurazeo, Aglaé Ventures, and ISAI, with participation from Coinbase, Ledger, Speedinvest, Fabric.vc, and angel investors.
The firm has recently been appointed as the liquidity provider for the Grayscale Bitcoin ETF, marking a strategic move in response to the growing institutional adoption and liquidity influx following the approval of the Spot Bitcoin ETF. Jacky Abitbol, Managing Partner at Cathay Innovation, said on the occasion:
“We are very excited to support Flowdesk to further accelerate their growth and international development. Through their innovative SaaS model, Flowdesk has consistently demonstrated impressive performance over the last three years. Our investment extends beyond capital, foresting a collaborative journey with our long-standing Cathay ecosystem to shape the future of financial markets.”
The $50 million funds raised will be utilized to expand Flowdesk’s over-the-counter (OTC) offerings, increase regulatory coverage in Singapore and the United States, and facilitate the expansion of offices in key financial hubs. Additionally, the firm plans to make key hires to support its growth initiatives.
Flowdesk’s revenue witnessed a threefold increase year on year, despite market challenges, demonstrating its resilience in the crypto landscape. The company has launched new offices in North America, with notable hires from the Genesis
Read more on cryptonews.com
