French cryptocurrency market maker Flowdesk has concluded a Series B funding round, raising $50 million. The round was 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 assets markets.
Read more here :… pic.twitter.com/8cUgLC6JJJ
— Flowdesk (@flowdesk_co) January 18, 2024
According to sources from The Block, the company’s valuation following the investment round exceeded $250 million.
The funds will be used to increase staff from 100 to 150, expand the range of services offered, and obtain regulatory licenses in Singapore and the United States.
Flowdesk CEO Guilhem Chaumont reported significant growth in trading volume and revenues for the market maker in recent months amid a revival in the cryptocurrency market.
He stated that the company supports around 130 digital asset platforms and trades between $150 million and $400 million daily. 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 talks with other issuers about potential collaborations. In June 2022, Flowdesk raised $30 million in a Series A funding round.
Previously, market maker Wintermute reported a 400% increase in OTC trading volume in the second half of 2023.
Last year, venture investments in the crypto industry fell by 68%, amounting to $10.7 billion compared to $33.3 billion in 2022.