Grayscale LP’s Flowdesk Successfully Raises $50 Million in Series B Funding
Flowdesk, a leading liquidity provider for the Grayscale Bitcoin ETF, has recently secured an impressive $50 million in funding. The funding round was led by Cathay Innovation, a prominent investment firm, and saw participation from other notable investors such as Ripple and Eurazeo. It is 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.
This strategic investment has propelled Flowdesk’s valuation to over $250 million, a substantial increase from its previous valuation of $100 million during the Series A round. As part of the funding, Jacky Abitbol, the managing partner of Cathay Innovation, has joined Flowdesk’s Board of Directors, bringing valuable expertise to the company. Other contributors to the funding round include Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance.
Reports indicate that Flowdesk has experienced significant growth in trading volumes and revenue in recent months. Jacky Abitol, in particular, highlights the firm’s impressive performance, stating that it has achieved a threefold increase in revenue and a tenfold increase in trading volume year-on-year.
Currently, Flowdesk trades between $150 to $400 million on spot markets per day and provides support to around 130 crypto exchanges worldwide. With plans for global expansion, the company aims to establish a presence in Singapore, the U.S., and London by opening a new office. To ensure regulatory compliance, Flowdesk intends to obtain licenses in Singapore and the U.S., as well as adhere to the European Union’s Markets in Crypto-Assets regulation.
The $50 million funding will be instrumental in fueling the expansion of Flowdesk’s over-the-counter (OTC) offerings and supporting its regulatory coverage expansion. The company plans to hire approximately 50 more employees to supplement its current workforce of about 100.
In conclusion, Flowdesk’s successful Series B funding, led by Cathay Innovation, positions the company for global expansion, improved regulatory compliance, and continued contributions to the evolving crypto landscape.