Flowdesk, the crypto market maker that recently joined Grayscale’s bitcoin (BTC) exchange-traded fund (ETF) as a liquidity provider, has raised $50 million in a Series B financing round.
Venture capital company Cathay Innovation led the funding round, including contributions from BPI, ISAI, Cathay Ledger Fund, Ripple, and Eurazeo.
According to a company email on Thursday, Flowdesk plans to use the funds to increase the scope of its over-the-counter (OTC) business, recruit additional staff, and broaden its regulatory reach in both Singapore and the United States.
Following the long-awaited introduction of spot bitcoin ETFs in the United States, Flowdesk’s substantial funding raises the possibility that liquidity in these funds is necessary to draw in the expected numbers of institutional inflows.
Flowdesk not only provides liquidity for the Grayscale Bitcoin Trust (GBTC), but it also acts as a market maker for EUR CoinVertible (EURCV), the euro-based stablecoin issued by Societe Generale (GLE).
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