Bitstamp, a stalwart in the world of cryptocurrency exchanges, is aggressively pursuing its international expansion endeavors, initiating efforts to secure additional funding that will fuel its operational growth.
The process of fundraising was set into motion at the tail end of June, with the esteemed guidance of Michael Novogratz’s Galaxy Digital Holdings, according to a recent report by Bloomberg. As of August 7, these developments came to light, shedding a spotlight on Bitstamp’s strategic moves.
In a calculated move, the exchange intends to channel the newly acquired capital towards the launch of derivatives trading within the European market by the year 2024. Simultaneously, the company has its sights set on amplifying its presence across various Asian markets, charting a trajectory of expansive growth. Notably, the shores of the United Kingdom have also captured Bitstamp’s attention, with plans to enhance its service offerings in this key region, as emphasized in the comprehensive report.
The words of Bitstamp’s global CEO, Jean-Baptiste Graftieaux, resonate with a clear and resolute focus on the present objective. Graftieaux affirms that the company’s current endeavors are laser-focused on procuring the necessary funds to facilitate an expansive range of services. These services are tailored to meet the distinctive needs of both retail and institutional clients within the dynamic and ever-evolving landscape of cryptocurrency.
Bitstamp Continues Expansion Efforts Following Ripple’s Stake Acquisition
The decision to enhance its business operations, months after blockchain heavyweight Ripple secured a minority stake in the company earlier this year. The acquisition of the minority stake by Ripple was made public in the first quarter of 2023, a deal that was accompanied by advisory assistance from Novogratz’s Galaxy. This development, which was officially announced in late May, solidified Bitstamp’s position as a key player in the evolving blockchain landscape.
Bitstamp’s latest initiatives to scale its business align seamlessly with the firm’s ambitious global expansion strategy, initially unveiled in 2018. The expansion plan was set into motion following Bitstamp’s acquisition by NXMH, a South Korean-backed investment firm associated with NXC.
Established in Slovenia in 2011, Bitstamp swiftly rose to prominence as a significant player in the cryptocurrency ecosystem, serving as a notable alternative to the then-dominant Bitcoin exchange, Mt. Gox. The exchange has since relocated to Luxembourg and now operates on a global scale. Recent data from CoinGecko reveals that Bitstamp ranks among the world’s largest cryptocurrency exchanges, boasting a substantial trading volume of approximately $127 million over a 24-hour period.
Disclaimer: This news article is for informational purposes only and should not be considered financial advice. The cryptocurrency market is highly volatile and can involve substantial risks.
