Bitstamp, a well-known cryptocurrency exchange, is making great progress in its effort to expand its global reach. According to recent reports, the exchange is actively seeking more funding to fuel its expansion plans. This is critical for the company’s future growth and development in other countries.
Bitstamp launched a financing effort in late June with the help of Galaxy Digital Holdings. The company’s primary purpose is to secure resources for the start of derivatives trading in Europe. They hope to complete this by 2024. They also intend to expand into the Asian market. Bitstamp is likewise looking to expand its service offerings in the United Kingdom.
Bitstamp’s worldwide CEO, Jean-Baptiste Graftieaux, stressed the company’s entire focus on acquiring money to improve services for both individual and institutional cryptocurrency clients. He stressed that Bitstamp is not for sale and is not looking for a buyer.
Bitstamp received notice earlier this year when prominent blockchain firm Ripple acquired a minority share in the exchange. Galaxy Digital Holdings’ engagement in this transaction emphasizes its consulting role in Bitstamp’s strategic initiatives.
NEWS:🚨 🚀 #Bitstamp looking to scale operations with new funds, eyeing derivatives trading in Europe by 2024, and expanding Asian markets.
— Walletor (@walletorapp) August 8, 2023
Bitstamp’s aim to grow is consistent with strategies put in place following its acquisition by South Korean-backed NXMH. Initially, Bitstamp co-founders Nejc Kodri and Damijan Merlak showed unwillingness to sell or seek investment. Nonetheless, the circumstances have shifted through time. This marks the beginning of a new era for the company, with the intention of increasing its customer base. This is critical, especially in light of the recent saga between the SEC and Coinbase, and Binance.
Bitstamp, founded in Slovenia in 2011 and based in Luxembourg, has gone a long way since its humble beginnings as a significant Bitcoin trading platform. It is now one of the globe’s largest cryptocurrency exchanges, with significant trading volumes.
In conclusion, Bitstamp’s continued financing efforts, led by Galaxy Digital Holdings, demonstrate the exchange’s dedication to worldwide expansion. These activities reflect Ripple’s recent minority share acquisition and correspond with the company’s progress following its acquisition by NXMH in 2018.