Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitstamp – the longest-operating cryptocurrency exchange globally – is currently in negotiations to obtain new funding to enhance its operations. This information was disclosed by Jean-Baptiste Graftieaux, the global CEO of Bitstamp.
In addition to concentrating on capital acquisition to broaden its offerings for retail and institutional crypto clients, Bitstamp also intends to explore the derivatives market.
Bitstamp Fundraise
The fundraising initiative commenced in late June, with Michael Novogratz’s Galaxy Digital Holdings serving as an advisor. Bitstamp aims to utilize the capital for activities such as launching derivatives trading in Europe next year. The cryptocurrency exchange will also prioritize expanding its presence in various Asian markets, as well as in the UK.
Graftieaux was quoted stating,
ADVERTISEMENT
Related Posts
“Bitstamp is not for sale, and we are not actively looking to sell the company. Our current and exclusive priority is to raise money through strategic investors to accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”
Established in 2011, Bitstamp emerged as a European-focused alternative to the previously dominant Bitcoin exchange, Mt. Gox. It is currently ranked as the seventh-largest exchange worldwide, with a trading volume of approximately $126 million. The exchange is headquartered in London, England, while being based in Slovenia.
This recent development follows reports from a few months ago that the San Francisco-based blockchain company Ripple acquired a minority stake in the cryptocurrency exchange during the first quarter of 2023. The transaction was facilitated by Galaxy Digital.
French Foray
In February, Bitstamp obtained an operational license from France’s leading financial regulatory authority, the Autorité des marchés financiers (AMF), and became part of a list of cryptocurrency platforms authorized to offer products and services to the local market.
The Luxembourg-based firm had previously secured licenses in other European countries, including its registration as a virtual asset service provider (VASP) in Italy a year ago. It also received authorization from Spanish financial regulators in November.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
