Flowdesk, a crypto market-making and over-the-counter trading service provider, has raised $50 million in Series B funding led by the venture arm of Cathay Capital. The round also drew participation from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI and Ripple. Flowdesk, in collaboration with Jane Street, Virtu and Flow Traders, serves as one of the four liquidity providers for Grayscale’s recently approved spot bitcoin ETF. Liquidity providers regulate the buying or selling of bitcoin, contingent on investors creating or redeeming shares of the ETF. This process ensures that the ETF’s price tracks bitcoin’s. It offers investors a more accessible and regulated way to participate in bitcoin trading without the need to directly own the digital currency.