Bitstamp, one of the oldest cryptocurrency exchanges, is reportedly planning to expand its operations and services through a new fundraising plan. The exchange, founded in 2011, is seeking to raise funds through strategic investors to accelerate its growth and provide new products and services to retail and institutional crypto customers.
Bitstamp Plans to Expand Its Presence in Europe
Jean-Baptiste Graftieaux, CEO of Bitstamp, stated that the exchange is not for sale and that the current priority is to raise money through strategic investors. Galaxy Digital Holdings oversaw the beginning of the fundraising initiative in June 2023.
According to a spokesperson for the company, the funds raised will be used to scale the exchange’s operations, including launching derivatives trading in Europe early next year. Bitstamp also plans to expand its market presence in Asia and the UK and simplify its service offerings across various markets.
Bitstamp has been a major player in the cryptocurrency industry since its inception. The Luxembourg-registered exchange first announced its plans for global expansion in 2018 when it was acquired by Belgium-based investment firm NXMH.
Bitstamp’s co-founders Nejc Kodrič and Damijan Merlak stated at the time that they were not looking to sell or seek investment.
The exchange has continued to grow and evolve over the years, with recent developments including securing approval from the UK’s Financial Conduct Authority (FCA) to function as a registered crypto firm in the region. This has allowed Bitstamp to increase its presence and investments in the UK market.
With this new fundraising plan, Bitstamp aims to further expand its operations and services, providing even more opportunities for customers to engage with the cryptocurrency market. It will be interesting to see how this plan unfolds and what new developments arise from it.
Galaxy Digital Holdings, a crypto-focused financial services firm, is acting as Bitstamp’s adviser in the fundraising process.