Digital asset trading platform Flowdesk has completed a $50 million Series B investment round, which was led by Cathay Innovation. The funding round also had participation by Ripple, Eurazeo, Speedinvest, ISAI, BPI, and Cathay Ledger Fund. Launched in June and wrapping up in November, this round of fundraising was purely in exchange for equity.
Flowdesk has raised over $80 million in capital thus far, with the Series B round adding to the $30 million Series A round funding that the company received in June 2022. The recently-raised funds will go towards growing Flowdesk’s over-the-counter (OTC) product offerings, hiring new staff, and regulatory outreach in the US and Singapore.
Flowdesk’s service pack and growth plans
Flowdesk’s key services include market making as a service (MMaaS), over-the-counter trading, and treasury management. Additionally, it supplies liquidity for Grayscale Bitcoin Trust (GBTC), an exchange-traded fund (ETF) that listed as a bitcoin spot investment last week. Furthermore, the company is currently in discussions with other ETF issuers to be their liquidity provider.
Additionally, Flowdesk facilitates trades in EUR CoinVertible (EURCV), the euro-based stablecoin issued by Societe Generale (GLE). In addition to the 100 employees it now employs, Flowdesk hopes to add another 50 as part of its expansion plans. The company is also making efforts to comply with the Markets in Crypto-Assets (MiCA) regulation in the European Union and intends to get regulatory licenses in this market.