Flowdesk
Market maker
A licensed market maker for token issuers, chosen by Société Générale’s SG-FORGE for its stablecoins; client assets sit in Flowdesk’s custody, and it publishes nothing on reporting.
About Flowdesk
Flowdesk describes itself as a full-service trading and technology firm offering liquidity, OTC trading and a ventures arm, with more than 200 people and coverage of over 150 venues. It is registered with France’s AMF, authorised under MiCA, and since 7 August 2026 holds a VARA broker-dealer licence in Dubai. Issuers can hire it on a retainer or a loan-and-call model.
flowdesk.co ↗Our verdict
SG-FORGE names it as market maker on its own site; Flowdesk holds client assets itself, segregated, and publishes nothing about client reporting.
How each block was graded
Mandate
SG-FORGE, Société Générale’s digital-assets arm, names Flowdesk on its own site as market maker for its EURCV and USDCV stablecoins, and the appointment was reported when it was made. TreasureDAO also hired Flowdesk through its governance, though we could not load those proposals.
| What we found | Source | Checked |
|---|---|---|
| SG-FORGE: Flowdesk “will act as a market maker on Uniswap” for EURCV and USDCV (Sep 2025) | sgforge.com | 2026-09-21 |
| Flowdesk picked by SG-FORGE as market maker for EURCV (5 Dec 2023) | coindesk.com | 2026-09-21 |
Money
No amount under management is disclosed. Client assets are held segregated in Flowdesk’s own Fireblocks workspace — custody sits with Flowdesk; in 2025 a TreasureDAO contributor proposed withdrawing an idle $785,000 held there.
| What we found | Source | Checked |
|---|---|---|
| not published | — | 2026-09-21 |
| Retainer and loan/call models; “Client Virtual Assets are held in a Fireblocks MPC workspace”, segregated from the firm’s own | flowdesk.co | 2026-09-21 |
| TreasureDAO contributor proposes withdrawing an idle $785,000 from Flowdesk (3 Apr 2025) | cointelegraph.com | 2026-09-21 |
Transparency
Neither Flowdesk’s site nor its clients describe any reporting on what it does with a client’s assets, and we found no public reporting.
| What we found | Source | Checked |
|---|---|---|
| not published | — | 2026-09-21 |
Strengths & weaknesses
What works
- ✓A regulated client names it on the client’s own website
- ✓Authorised under MiCA and licensed by VARA in Dubai
- ✓Client assets are segregated from the firm’s own
Where it loses grades
- ✕Client assets are in Flowdesk’s custody, not the client’s
- ✕No amount under management disclosed
- ✕Nothing published on how, or whether, it reports to clients
A regulated token issuer that wants a licensed market maker and accepts segregated custody at the firm.
A DAO that wants to keep custody of its own tokens throughout.
The rest of the dao treasury & liquidity managers ranking
Same three blocks, same rules, same review run — this is what Flowdesk is being compared against.
Related ratings
DeFi protocols
Uniswap’s pools cannot be upgraded by anyone, including Uniswap. Everything else can be changed — by a vote in the better cases, by a multisig in the rest. We scored who holds the key.
Stablecoins
Nearly every fiat-backed stablecoin can blacklist your address, and the largest one already has — billions of dollars’ worth. We recorded who can freeze what, and what the reserve report really is.
Cross-chain bridges
The largest thefts in crypto happened here. Ronin was 5-of-9. Polygon’s bridge — which most people think is canonical — is also 5-of-9, per Polygon’s own docs.