French Crypto Market Maker Flowdesk Skyrockets to $250M Valuation in Series B Triumph

French crypto market maker Flowdesk has successfully raised $50 million in a Series B funding round, bringing its valuation to an impressive $250 million. The funding round, led by Cathay Innovation, saw participation from prominent investors such as Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance.

Expansion and Leadership Change

As part of the Series B round, Jacky Abitbol, Cathay Innovation's managing partner, has joined Flowdesk's board of directors. This move aligns with Flowdesk's plans for global expansion, focusing on growth in Singapore and the U.S. The company also aims to establish a new office in London.

Impressive Growth Metrics

Flowdesk has experienced substantial growth in recent months, with a remarkable 3x year-on-year increase in revenue and a 10x surge in trading volume as of January 2024. The company, a liquidity provider for Grayscale Bitcoin Trust, trades an estimated $150 to $400 million daily on spot markets and supports around 130 crypto exchanges, both centralized and decentralized.

Strategic Moves in a Rebounding Market

Amid the recent rebound in crypto markets, fueled by the approval of spot bitcoin exchange-traded funds in the U.S., Flowdesk remains optimistic. Guilhem Chaumont, co-founder and CEO, anticipates continued strong inflow in crypto through these ETFs, providing a positive outlook for the markets.

Global Expansion and Regulatory Compliance

With the fresh capital infusion, Flowdesk plans to expand globally, with a focus on obtaining regulatory licenses in key markets. The company is prepared to comply with the European Union's Markets in Crypto-Assets regulation from day one. Currently registered in France, Flowdesk aims to hire approximately 50 more professionals to support its expansion plans.

Leadership Team Strengthened

As part of its growth strategy, Flowdesk recently appointed Charles Tighe as Chief Financial Officer and onboarded executives from the now-closed Genesis Global Trading. The Series B funding round brings Flowdesk's total funding to over $80 million, including a $450,000 pre-seed funding round in 2021.

Flowdesk's successful Series B round and impressive valuation reflect the company's resilience and strategic positioning in the evolving crypto landscape. With ambitious plans for global expansion and regulatory compliance, Flowdesk is poised for continued growth in the dynamic cryptocurrency market.