• Bitstamp, one of the world’s longest-running cryptocurrency exchanges, is reportedly working to raise new funds to scale operations.
• The firm plans to use the raised capital to launch derivatives trading in Europe in 2024 and expand several of its served markets in Asia.
• Ripple recently acquired a minority stake in Bitstamp in the first quarter of 2023, with Galaxy Digital acting as an adviser on the deal.
Bitstamp Crypto Exchange Raises Funds for Global Expansion
Bitstamp, one of the world’s oldest cryptocurrency exchanges, is moving forward with its global expansion ambitions by raising new funds to scale operations. The exchange has appointed Michael Novogratz’s Galaxy Digital Holdings as its adviser for fundraising.
Fundraising Goals
The firm plans to use the raised capital for launching derivatives trading in Europe by 2024 and expanding several of its served markets in Asia. It also aims to increase services offered within the U.K.. Global CEO Jean-Baptiste Graftieaux stated that Bitstamp is not looking to sell and is exclusively focused on raising money for retail and institutional crypto clients.
Ripple Acquires Minority Stake
In May 2023, blockchain giant Ripple acquired a minority stake in Bitstamp with Galaxy Digital acting as an adviser on this transaction as well. This acquisition came shortly after South Korean NXC-backed NXMH purchased Bitstamp back 2018 when co-founder Nejc Kodrič cashed out most of his stock while keeping 10% and remaining CEO.
Founded In 2011
Founded in Slovenia back 2011, Luxembourg-based Bitstamp is now one of the world’s largest crypto exchanges with $127 million traded volume per 24 hours according to CoinGecko data.
Global Expansion Plans
Bitstamp announced its global expansion plans back 2018 when it was acquired by South Korean NXC-backed NXMH . Co-founder Nejc Kodrič claimed that he was not looking to sell or raise capital at that time yet took advantage of cashing out most of his stock while keeping 10% and remaining CEO nonetheless.