Bitstamp, a prominent name in the world of cryptocurrency exchanges, has embarked on discussions aimed at raising fresh capital. According to a report by Bloomberg on August 7th, the company’s fundraising initiative, which started in late June, has gained the guidance of Mike Novogratz’s Galaxy Digital Holdings as its advisor.
Established Exchange with Ambitious Goals
Bitstamp, hailing from Luxembourg, has solidified its position as one of the well-established cryptocurrency exchanges since its inception in 2011. Presently, it ranks as the seventh-largest exchange globally, boasting an impressive trading volume of approximately $126 million. In 2018, European investment firm NXMH acquired Bitstamp, further reinforcing its standing in the industry.
Strategic Focus on Growth
Global CEO Jean-Baptisite Graftieaux has affirmed that while Bitstamp is not actively seeking a sale, it is indeed in pursuit of strategic investments to propel its growth trajectory. He stated, “Bitstamp is not for sale, and we are not actively looking to sell the company.” Graftieaux elaborated, “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.”
Expansion and Enhancement on the Horizon
Bitstamp’s aspirations encompass a range of strategic expansions and enhancements. The exchange has secured a BitLicense for its American Unit, Bitstamp USA, enabling it to operate in the state of New York. Looking forward, Bitstamp plans to introduce derivatives trading in Europe within the upcoming year, extend its reach within Asian markets, and bolster its operations in the United Kingdom.
Focused Approach to Innovation
Bitstamp’s innovative endeavors echo the dynamic landscape of the cryptocurrency industry. The company’s forthcoming expansion into derivatives trading and its efforts to cater to diverse geographical markets underscore its commitment to staying at the forefront of industry trends. By leveraging the expertise of advisors like Galaxy Digital Holdings, Bitstamp aims to cultivate a more comprehensive and customer-centric cryptocurrency trading experience.
As Bitstamp navigates its fundraising journey with the backing of strategic partners, it remains steadfast in its mission to fuel growth, enhance services, and elevate its role within the global cryptocurrency ecosystem. With ambitious plans for expansion, innovation, and operational enhancement, Bitstamp positions itself as a key player in the continued evolution of the digital asset landscape.
