Bitstamp crypto exchange is attempting to scale its operations through a new fundraising campaign advised by Galaxy.
Bitstamp, one of the longest-running cryptocurrency exchanges in the world, is reportedly working to acquire new funds to scale its operations as it pursues its global expansion goals.
Bloomberg reported on August 7 that Bitstamp initiated the fundraising process in late June, with Michael Novogratz’s Galaxy Digital Holdings serving as an advisor. The company intends to use the funds for operations such as commencing derivatives trading in Europe next year and expanding its presence in several Asian markets. According to the report, Bitstamp wants to expand its services in the United Kingdom.
Jean-Baptiste Graftieaux, the global chief executive officer of Bitstamp, reportedly stated that the company is now solely concentrated on raising funds to expand its services to retail and institutional cryptocurrency clients. He continued:
“Bitstamp is not for sale, and we are not actively looking to sell the company.”
In the first quarter of 2023, Ripple, a major blockchain company, acquired a minority stake in Bitstamp. This announcement arrived a few months later. Galaxy also served as a consultant for the transaction, which was announced publicly in late May.
The exchange’s latest efforts to scale its business are consistent with its global expansion plans disclosed in 2018 when the company was acquired by NXC-backed NXMH of South Korea.
Nejc Kodri, the co-founder of Bitstamp, stated at the time that he and Damijan Merlak, another co-founder of the exchange, “were not looking to sell” and “were not seeking investment” because they “did not need to raise capital.” However, Kodri utilized the opportunity to sell the preponderance of his Bitstamp shares while retaining 10% and his position as CEO.
Bitstamp, founded 2011 in Slovenia and headquartered in Luxembourg, was once a prominent Bitcoin BTC exchange. providing an alternative to the dominant Bitcoin exchange at the time, Mt. Gox. CoinGecko data indicates that the exchange is now one of the world’s major crypto exchanges, with a 24-hour trading volume of approximately $127 million.
Bitstamp’s United Kingdom branch joined the list of enterprises registered with the Financial Conduct Authority in June.
