Flowdesk recently raised an incredible $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 in June this year, which raised $30 million.
strategic investment
Grayscale Bitcoin ETF liquidity provider Flowdesk recently closed a Series B funding round led by Cathay Innovation, which brought its valuation to over $250 million. Considering the previous valuation of $100 million during the Series A round, this represents excellent growth for the company.
As part of the funding, Jacky Abitbol, managing partner at Cathay Innovation, also joined Flowdesk’s board of directors. Other participants in the funding round include Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance.
According to the report, Flowdesk has seen significant growth in trading volume and revenue in recent months. Jacky Abitol asserts that the company has achieved “a three-fold increase in sales and a ten-fold increase in volume compared to the previous year.”
The company currently trades between $150 million and $400 million per day in the spot market and supports approximately 130 cryptocurrency exchanges globally.
Waiting for compliance
The France-based cryptocurrency market is actively involved in Bitcoin mining and energy production. Founded in 2020, the company has strategic plans to expand globally, with a focus on Singapore and the United States, including opening a new office in London.
Because compliance is a serious consideration, Flowdesk plans to obtain licenses in Singapore and the United States and comply with the European Union’s crypto asset market regulations.
The $50 million funding will accelerate the expansion of Flowdesk’s over-the-counter (OTC) offerings and support expanded regulatory coverage. The company aims to hire about 50 additional executives to increase its current workforce of about 100.
as a result,
Flowdesk’s successful Series B funding led by Cathay Innovation positions the cryptocurrency market maker for global expansion, improved regulatory compliance, and further contributions to the evolving cryptocurrency landscape.