Flowdesk, the cryptocurrency market maker that recently became a liquidity provider for Grayscale’s Bitcoin (BTC) exchange-traded fund (ETF), has raised $50 million in a Series B round.
The investment round was led by venture capital firm Cathay Innovation and included contributions from Cathay Ledger Fund, Ripple, Eurazeo, ISAI, Speedinvest and BPI.
Flowdesk will use the funding to scale up its over-the-counter (OTC) offerings, hire new staff and expand its regulatory coverage in Singapore and the United States, the company said in an emailed announcement on Thursday.
Hot on the heels of the long-awaited approval of spot bitcoin ETFs in the US, the large funding attracted by Flowdesk may demonstrate the importance of liquidity in such funds to attract expected levels of institutional inflows.
In addition to being a liquidity provider for the Grayscale Bitcoin Trust (GBTC), Flowdesk is also a market maker for Societe Generale’s (GLE) euro-based stablecoin, EUR CoinVertible (EURCV).
To know more: JPMorgan sees significant capital from existing crypto products pouring into new Bitcoin spot ETFs
