coindesk.com
French crypto financial services firm Flowdesk raised $30 million in a Series A funding round that was backed by crypto exchange Coinbase (COIN), crypto wallet firm Ledger, French investment company Eurazeo, Aglaé Ventures, French venture firm ISAI, 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 is used by 60 cryptocurrency exchanges and supports 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 all the interests for brand strategy that is defined with the token issuers directly. They define anything they want to do.”
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 “there is value proposition is not only in its product, but also giving the trust to token issuers that they have someone was working on their their side and that comes with being fully regulated and compliance in all the jurisdiction that we operate."
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.