Jofie Yordan · · 1 min readFrench digital asset firm raises $50m to secure licenses in Singapore, US
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Flowdesk, which provides digital asset trading solutions, has raised US$50 million in a series B funding round led by Cathay Innovation. Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple also participated.
The Paris-based company said that it will use the fresh funds to expand its over-the-counter (OTC) offering and secure digital asset trading licenses in Singapore and the US.
It also plans to open more offices in financial hubs and hire for key roles. This initiative includes Flowdesk’s appointment of Charles Tighe as its new CFO.
Founded in 2020, Flowdesk offers services such as market making as a service (MMaaS), OTC trading, and treasury management. It said that MMaaS provides a new approach to managing liquidity from crypto projects, exchanges, and institutions on secondary markets.
Flowdesk entered Asia Pacific in 2022 by opening an office in Singapore. It has also recently been approved as a liquidity provider for the Grayscale Bitcoin Trust exchange-traded fund (ETF).
The company previously raised US$30 million for its series A round in June 2022. In addition to Paris and Singapore, it also has offices in New York and Toronto.
See also: Malaysian court order against Luno causes concern across crypto firms
Editing by Miguel Cordon and Dhania Putri Sarahtika
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