Grayscale Bitcoin ETF Liquidity Provider Flowdesk Raises $50M Series B
Flowdesk will use the funding to grow its over-the-counter (OTC) offering, hiring new personnel and expand its regulatory coverage in Singapore and the U.S.
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Flowdesk, the crypto 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.
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 grow its over-the-counter (OTC) offering, hire new personnel and expand its regulatory coverage in Singapore and the U.S., the firm said in an emailed announcement on Thursday.
Hot on the heels of the long-awaited approval of spot bitcoin ETFs in the U.S., the sizeable funding attracted by Flowdesk may demonstrate the significance of liquidity in such funds to attract the anticipated 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).
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Jamie Crawley is a CoinDesk news reporter based in London.