Bitstamp is also looking to expand its operations in the UK after securing the FCA license earlier this year.
One of the oldest cryptocurrency exchanges Bitstamp is looking to expand its footprint and service offerings amid the current talks of raising fresh funding. Jean-Baptiste Graftieaux, global chief executive officer of the exchange appraised the recent developments. As per the company spokesperson, Bitstamp started its fundraising efforts earlier this year in June 2023. Mike Novogratz’s Galaxy Digital is acting as an adviser in the entire process. Earlier, Galaxy Digital served as an adviser to Pantera, which later sold its minority stake in Bitstamp to Ripple in 2023. Bitstamp said that they would be using these funds to launch crypto derivatives trading in the European continent next year.
Additionally, they would also use these funds to expand the number of markets that it serves in Asia. The company spokesperson said that Bitstamp is also looking to expand its operations in the U.K. In a statement to Bloomberg, Graftieaux said:
“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.”
Earlier this year in June, Bitstamp also secured approval from UK’s Financial Conduct Authority (FCA) to function as a registered crypto firm in the region. After obtaining the license, Bitstamp stated its dedication to increasing its presence and investments in the UK market.
Bitstamp’s Growth Over the Years
As said, Bitstamp is one of the oldest crypto exchanges established in 2011 and based out of Luxembourg. Back then Bitstamp was among the major competitors to now-defunct Bitcoin exchange Mt. Gox. Now, it’s the seventh-largest exchange in the world. It had around $126 million worth of trading in a recent 24-hour period.
Bitstamp also has a part in the US entity called Bitstamp USA. The exchange also has a special license called BitLicense, essential to operate in New York state.
More platforms for cryptocurrencies are getting into the derivatives market. This market used to be mostly dominated by FTX and Binance. But after the FTX collapse, Bitstamp seems to be grabbing an opportunity here. Coinbase Global Inc and Gemini, two other big companies in the cryptocurrency world, started their own derivatives markets outside the US this year. Bitstamp was among the first exchanges to allow XRP trading after the court ruling.