Grayscale LP Flowdesk Secures $50 Million in Series B Funding
The post Grayscale LP Flowdesk Secures $50 Million in Series B Funding appeared first on Coinpedia Fintech News
Flowdesk has recently raised an impressive $50 million in funding. The funding round was led by Cathay Innovation and also included participation from other investors such as Ripple and Eurazeo. It’s worth noting that this latest funding round comes just a few months after Flowdesk’s successful Series A funding round, which raised $30 million in June of this year.
Strategic Investment
Grayscale Bitcoin ETF liquidity provider, Flowdesk recently closed a Series B funding round led by Cathay Innovation, which has pushed their valuation up to over $250 million. Considering their previous valuation of $100 million during their Series A round, this marks the firm’s exceptional growth.
As part of the funding, Jacky Abitbol, the managing partner of Cathay Innovation, has also joined Flowdesk’s Board of Directors. Other contributors to the funding round include Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance.
According to reports, Flowdesk has experienced substantial growth in trading volumes and revenue over recent months. Jacky Abitol affirms the firm to have undergrown “a 3x year-on-year revenue increase and a 10x volume increase.”
Currently, the company trades $150 to $400 million on spot markets per day and supports around 130 crypto exchanges globally.
Awaiting Regulatory Compliance
The France-based crypto market market actively engages in Bitcoin mining and energy production. The company, founded in 2020, has strategic plans to expand globally, with a focus on Singapore and the U.S., including the opening of a new office in London.
With regulatory compliance being a serious consideration, Flowdesk plans to obtain licenses in Singapore and the U.S. and ensure compliance with the European Union’s Markets in Crypto-Assets regulation.
The $50 million funding will fuel the expansion of Flowdesk’s over-the-counter (OTC) offerings and support regulatory coverage expansion. The company aims to hire approximately 50 more officers to add to its current workforce of about 100.
In conclusion,
Flowdesk’s successful Series B funding, led by Cathay Innovation, positions the crypto market maker for global expansion, enhanced regulatory compliance, and further contributions to the evolving crypto landscape.
Filed under: Bitcoin - @ January 18, 2024 5:26 pm