- Flowdesk, the French market maker, has announced the successful completion of its Series B funding round.
- This funding round has resulted in Flowdesk’s market valuation skyrocketing to $250 million.
- The company plans to use the funds to secure licenses and expand its staff.
In a significant development, Flowdesk has secured $50 million in its Series B funding round at a valuation of $250 million. Notably, this round was led by the Cathay Ledger Fund.
Participating in this funding round were other notable counterparties such as Eurazeo, ISAI, Speedinvest, Ripple Labs, and Bpifrance. Flowdesk CEO Guillem Chaumont highlighted the smooth process of the funding round, despite a slowdown in interest from venture investors in the cryptocurrency sphere.
The CEO also clarified that all agreements were finalized back in November 2023 and that the funding round is unrelated to the approval of spot Bitcoin ETFs.
Flowdesk is renowned as one of Grayscale Investments’ four GBTC liquidity providers. It works alongside Jane Street, Virtu, and Flow Traders to facilitate Bitcoin trading and the issuance and redemption of fund shares.
Following the completion of the funding round, Jackie Abitbol, the managing partner of Cathay Innovation, has joined the Flowdesk board, as reported by The Block. The company plans to utilize the funds to expand its team, enhance its OTC services, and secure licenses in Singapore and the USA.
Interestingly, recent data indicates that GBTC has faced losses of over $1.1 billion, and general crypto funds have seen an outflow of $424 million since January 15, 2024.