Flowdesk, a notable liquidity provider for the Grayscale Bitcoin ETF, has recently secured a significant $50 million in a Series B funding round. This funding round was spearheaded by Cathay Innovation and saw participation from other investors including Ripple and Eurazeo. This funding comes on the heels of Flowdesk’s successful Series A funding round which managed to raise $30 million earlier this year.
Impressive Growth and Strategic Investment
The Flowdesk Series B funding round, led by Cathay Innovation, has catapulted the company’s valuation to a staggering $250 million, a substantial leap from the $100 million valuation during their Series A round. This demonstrates the company’s remarkable growth in a short span of time.
As part of the funding deal, Cathay Innovation’s managing partner, Jacky Abitbol, has joined Flowdesk’s Board of Directors. Other contributors to the funding round included the Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance.
Flowdesk has reported a significant growth in trading volumes and revenue over recent months. Jacky Abitbol confirmed that the firm has experienced a 3x year-on-year revenue increase and a 10x volume increase. At present, the company handles $150 to $400 million in spot markets per day and supports around 130 crypto exchanges worldwide.
Regulatory Compliance and Global Expansion
Founded in 2020, Flowdesk is a France-based crypto market maker that actively engages in Bitcoin mining and energy production. The company has strategic plans for global expansion, particularly targeting Singapore and the U.S., and even plans to open a new office in London.
Regulatory compliance is a key focus for Flowdesk, with plans to secure licenses in Singapore and the U.S. and ensure compliance with the European Union’s Markets in Crypto-Assets regulation.
Utilizing the Funding for Expansion and Compliance
The $50 million funding will be used to expand Flowdesk’s over-the-counter (OTC) offerings and to support regulatory coverage expansion. The company intends to hire approximately 50 more officers, adding to its current workforce of about 100.
In conclusion, the successful Flowdesk Series B funding, led by Cathay Innovation, puts the crypto market maker in a strong position for global expansion, enhanced regulatory compliance, and further contributions to the evolving crypto landscape.
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