Claim $500Bitstamp Announces Fund Raise to Offers Derivatives Trading Services
Amid all the regulatory developments across the world, crypto exchange Bitstamp is looking to expand its global footprint and is in talks to raise more funds.
Jean-Baptiste Graftieaux, Bitstamp’s global chief executive officer said that they started the fundraising process in late June under the guidance of Mike Novogratz’s Galaxy Digital Holdings. The exchange plans to use the funds to expand its services in Europe and Asia.
Bitstamp is planning to launch crypto derivatives trading in Europe next year while expanding in several other markets in Asia. Besides, it also plans to increase its operations in the U.K. Speaking on the development, 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.”
Previously, Galaxy Digital has also served as an adviser to Pantera Capital. Earlier this year, Pantera sold its minority stake to Ripple.
Bitstamp’s Strong Market Presence
Based out of Luxembourg, the crypto exchange Bitstamp was established in 2011. It was a significant platform for trading Bitcoin, competing with Mt. Gox. Today, it is the seventh-largest exchange globally, with around $126 million in trading volume within 24 hours, according to Coinmarketcap.com data. In 2018, European investment firm NXHM acquired Bitstamp.
Bitstamp also has a valuable license called BitLicense, which allows its American unit, Bitstamp USA, to operate in New York state. This license has been essential for its success in the US, where it gained market share this year, while other exchanges like Binance US experienced a decline in market share.
More and more players are willing to grab a share of the crypto derivatives market. This is especially true with the collapse of the crypto exchange FTX, which was a dominant player along with Binance. Other big players like Gemini and Coinbase launched their derivatives exchanges offshore, earlier this year.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aave Labs vs DAO: What Investors Should Know About the AAVE Token Alignment Proposal
- January Fed Rate Cut Odds Fall to New Lows After Strong U.S. Q3 GDP Report
- Breaking: U.S. GDP Rises To 4.3% In Q3, BTC Price Climbs
- Breaking: Bank of Russia Proposes Allowing Investors to Buy Bitcoin and Crypto in Major Regulatory Shift
- Crypto ETF Issuer 21Shares Advances Dogecoin ETF Bid with Amended S-1 Filing
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Bitcoin Price Prediction and Analysis: Will BTC Hit $100k Before Year-End?
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
