French crypto financial services company Flowdesk raised $30 million in a Series A funding round. Supported by cryptocurrency exchange Coinbase (COIN), cryptocurrency wallet provider Ledger, French investment firm Eurazeo, Aglaé Ventures, French venture firm ISAI, Speedinvest, and Fabric Ventures, and a few angel investors.
With the money, Flowdesk intends to expand the trading infrastructure for its market-making services. The software, which is used by 60 cryptocurrency exchanges, enables 10,000 coin issuers to manage their assets and provide liquidity. Guilhem Chaumont, who founded Flowdesk, “fully aligns all the interests for a brand strategy that is defined with the token issuers directly. They define anything they want to do.”
French Market Watchdog Autorité des Marchés
Additionally, the business provides custody, brokerage, and administration services for digital assets. Chaumont said that Flowdesk had authorization from the French market watchdog Autorité des Marchés to give the custody and brokerage services.
According to Chaumont,
“The company’s value proposition is not only in its product but also giving the trust to token issuers that they have someone working on their side and that comes with being fully regulated and compliant in all the jurisdictions we operate. Regulatory compliance is an important part of the company’s products.”
Chaumont stated that Flowdesk intends to create offices and register its products in the United States in addition to registering operations out of its new office in Singapore. By the end of 2022, Flowdesk also intends to have 100 employees instead of just 35.