Bitstamp – the world’s longest-running cryptocurrency exchange – is currently engaged in discussions to secure new capital to ramp up its operations. The revelation was made by Jean-Baptiste Graftieaux, Bitstamp’s global chief executive officer.
Besides focusing on raising capital to expand the services to retail and institutional crypto clients, Bitstamp also plans on diving into the derivatives space.
Bitstamp Fundraise
The fundraising process was initiated in late June, with Michael Novogratz’s Galaxy Digital Holdings acting as an adviser. Bitstamp plans to deploy the funds for operations such as rolling out derivatives trading in Europe next year. The crypto exchange will also focus on expanding its operation across several markets in Asia, as well as in the UK.
Graftieaux was quoted saying,
“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.”
Bitstamp was founded in 2011 and emerged as a European-centric substitute to the once-dominant Bitcoin exchange, Mt. Gox. Currently, it is ranked as the seventh-largest exchange globally, boasting a trading volume of around $126 million. It is based in Slovenia, with its headquarters situated in London, England.
The latest development comes a few months after the San Francisco-based blockchain firm Ripple was reported to have acquired a minority stake in the crypto exchange in the first quarter of 2023. The deal was advised upon by Galaxy Digital.
French Foray
Bitstamp secured an operational license from France’s top financial regulatory body, the Autorité des marchés financiers (AMF), this February and became part of a roster of cryptocurrency platforms permitted to provide products and services to the local user base.
The Luxembourg-based company had previously acquired licenses in other European nations, including registration as a virtual asset service provider (VASP) in Italy a year back. It was also authorized by the Spanish financial watchdogs in November.
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