Bitstamp, a prominent cryptocurrency exchange with a long-standing history, is embarking on a global expansion endeavor by seeking new funds to bolster its operations.
According to reports on August 7, Bitstamp initiated its fundraising process in late June, enlisting the support of Michael Novogratz’s Galaxy Digital Holdings as an adviser.
The primary goal of this fundraising campaign is to finance the launch of derivatives trading in Europe by 2024 and to expand its services across various Asian markets.
Additionally, Bitstamp aims to scale its operations in the United Kingdom to enhance its service offerings further.
Bitstamp’s global CEO, Jean-Baptiste Graftieaux, emphasized the company’s exclusive focus on securing capital to extend services to both retail and institutional crypto clients.
He clarified that Bitstamp is not up for sale and has no active plans to sell the company.
Bitstamp had recently garnered attention in the crypto industry when Ripple, a major blockchain firm, acquired a minority stake in the exchange during the first quarter of 2023.
Galaxy Digital Holdings also played a key role as an adviser in this acquisition, which was publicly disclosed in late May.
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This push for expansion aligns with Bitstamp’s global ambitions announced in 2018, following its acquisition by NXMH, a company backed by South Korean NXC.
The co-founder of Bitstamp, Nejc Kodrič, previously asserted that the exchange was not seeking to sell or receive investment at the time.
However, he did take the opportunity to sell a significant portion of his Bitstamp stock while retaining a 10% stake and remaining the CEO.
Bitstamp has come a long way since its establishment in Slovenia in 2011, evolving into one of the world’s largest crypto exchanges based in Luxembourg.
Recent data from CoinGecko indicates that the exchange witnessed a trading volume of approximately $127 million within a 24-hour period.
Notably, Bitstamp is making headlines with its decision to impose trading restrictions on certain tokens, including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL) in the United States.
These restrictions are set to take effect on August 29, and the exchange cited “recent market developments” as the reason, stating that holding and withdrawing tokens will remain unaffected.
Recently, Bitstamp’s U.K. arm also earned registration with the Financial Conduct Authority, signifying its compliance with regulations in the country.
As Bitstamp continues to advance its global expansion plans, the crypto community eagerly awaits the developments and opportunities this growth may bring to the industry.
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