French crypto market maker Flowdesk has raised $50 million in a Series B funding round amid its growing business and revenue.

Cathay Innovation led the round, with Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple, and Bpifrance (a French state-owned investment bank) participating, Flowdesk said Thursday. This was a pure equity funding round that commenced in June and concluded in November, Guilhem Chaumont, co-founder and CEO of Flowdesk, told The Block in an interview. Chaumont noted that the round went "very smoothly" despite challenging market conditions and a slowdown in crypto venture capital funding last year.

Flowdesk's Series B round comes two and a half years after it raised $30 million in a Series A round in June 2022. The new round has elevated Flowdesk's valuation to …