- Cryptocurrency exchange Bitstamp is reportedly in the process of raising funds for its operations in Asia and Europe.
- Bitstamp is being advised by Galaxy Digital during its investment round.
- Following the investment round, the company aims to enter the derivatives trading market in Europe.
Bitstamp, a well-known cryptocurrency exchange, is currently raising funds to expand its operations in Asia and Europe, with Galaxy Digital acting as their advisor. The company’s next goal is to venture into derivatives trading in Europe after the fundraising round.
Bitstamp’s Expansion Plans
Bitstamp, established in 2011, is one of the oldest exchanges and is actively working to increase its global market presence. Jean-Baptiste Graftieaux, the CEO of Bitstamp, has clarified that the company is not for sale and that their primary focus is to accelerate Bitstamp’s growth by securing funds from strategic investors.
Galaxy Digital’s Role
Galaxy Digital has been managing the advisory process since the investment round began in June. Bitstamp plans to use the funds raised to launch licensed derivative operations in Europe and expand its presence in the Asian market. The company is also working on growing its operations in the UK.
Bitstamp’s Current Position
Once a leading cryptocurrency exchange, Bitstamp currently ranks as the seventh largest exchange in the world, with a trading volume of approximately $126 million in the last 24 hours, according to Coinmarketcap data. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean holding NXC. Galaxy previously advised Pantera, who sold its minority stake in Bitstamp to Ripple earlier this year.
Conclusion
With the guidance of Galaxy Digital, Bitstamp is actively seeking to raise funds to expand its operations in Asia and Europe and enter the derivatives trading market. This move signifies Bitstamp’s ambition to increase its global presence and influence in the cryptocurrency market.
