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Flowdesk Raises $30M to Expand Market-Making Services

·1-min read
jayk7

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

French crypto financial services firm Flowdesk raised $30 million in a Series A funding round that was led by Eurazeo, Aglaé Ventures and ISAI and included the participation of Coinbase (COIN), Ledger, Speedinvest, Fabric.vc and a handful of angel investors, the company announced Friday.

Flowdesk plans to use the funding to build out its trading infrastructure for its market-making services. The product connects 60 cryptocurrency exchanges and can support 10,000 cryptocurrency issuers in providing liquidity and managing their own funds.

Guilhem Chaumont, who founded Flowdesk in 2020, told CoinDesk that the company's product “fully aligns the interests between the market-maker and the token issuers as the strategy is defined by the issuer and executed by Flowdesk on its behalf.”

The company also offers digital asset management, brokerage and custody services. Chaumont said that Flowdesk obtained approval from French regulator Autorité des Marchés to offer the brokerage and custody services.

Chaumont noted that regulatory compliance is an important part of the company’s products and that ”the value proposition is not only the product itself but giving back trust to token issuers. Making them aware that they have someone working on their side and that is fully regulated and compliant in all jurisdiction where Flowdesk operates.”

Chaumont said Flowdesk plans to register operations out of its new office in Singapore, and will open offices and register its products in the U.S. Flowdesk also plans to increase the number of its employees to 100 from 35 by the end of 2022.

UPDATE (June 26, 11:43 UTC): Updated headline and modified quotes from Chaumont for greater accuracy.

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