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Bitstamp cryptocurrency exchange plans to secure financing for international growth, according to reports.
Bitstamp, recognized as one of the oldest cryptocurrency exchanges globally, is advancing its ambitions for global expansion, reportedly seeking to secure new funding to enhance its operations.
The cryptocurrency exchange Bitstamp initiated its fundraising efforts in late June, with Michael Novogratz’s Galaxy Digital Holdings serving as an adviser, as reported by Bloomberg on Aug. 7.
The company intends to utilize the acquired funds to introduce derivatives trading in Europe in 2024 and to broaden its presence in several Asian markets. Additionally, Bitstamp aims to enhance its services in the United Kingdom, according to the report.
Jean-Baptiste Graftieaux, Bitstamp’s global CEO, reportedly stated that the organization is currently solely focused on raising capital to extend its services to both retail and institutional cryptocurrency clients. He added:
“Bitstamp is not for sale, and we are not actively looking to sell the company.”
The cryptocurrency exchange did not promptly respond to Cointelegraph’s inquiry for comments.
This news follows a few months after the prominent blockchain company Ripple acquired a minority stake in Bitstamp during the first quarter of 2023. Galaxy Digital also served as an adviser for this transaction, which was publicly disclosed in late May.
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Bitstamp’s recent initiatives to expand its operations align with its global growth strategy announced in 2018 when the firm was acquired by South Korean NXC-backed NXMH.
At that time, Bitstamp co-founder Nejc Kodrič asserted that he and fellow co-founder Damijan Merlak “were not looking to sell” and “were definitely not seeking investment” as they “didn’t need to raise the capital.” Nevertheless, Kodrič took the opportunity to liquidate most of his Bitstamp shares while retaining 10% and continuing as CEO.
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Established in 2011 in Slovenia, Luxembourg-based Bitstamp was once a significant platform for Bitcoin (BTC) trading, providing an alternative to the then-leading Bitcoin exchange Mt. Gox. Bitstamp is now among the largest cryptocurrency exchanges worldwide, with approximately $127 million in trading volume over a recent 24-hour period, according to CoinGecko data.
The announcement came one day prior to Bitstamp revealing certain trading restrictions on its platform in the United States. On Aug. 29, Bitstamp will cease trading of tokens such as Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL). The firm cited “recent market developments,” noting that holding and withdrawing tokens will remain unaffected.
Update for our US users
Starting August 29: AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL trading will be halted after evaluating recent market developments.
Execute any open trades. Holding and withdrawing tokens afterwards will be unaffected.
More info:…— Bitstamp (@Bitstamp) August 8, 2023
In June, Bitstamp’s U.K. division was added to the list of registered firms under the Financial Conduct Authority in the country.
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