Bitstamp raising funds for European derivatives, Asian expansion: Bloomberg
Quick Take
- The longest-running crypto exchange, Bitstamp, has reportedly been attempting to raise funds since June.
- The funds’ planned usage is for European derivatives in 2024 and expansion into Asian markets.
Bitstamp is actively seeking fresh funding, according to its global chief executive officer, Jean-Baptiste Graftieaux.
The Luxembourg-based crypto exchange started fundraising in June, Bloomberg reported, citing a spokesperson. Galaxy Digital Holdings — which advised Pantera at the time it sold its minority stake in Bitstamp to Ripple — is reportedly acting as an adviser.
“Bitstamp is not for sale, and we are not actively looking to sell the company,” Graftieaux said, explaining: “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.”
The new funds will reportedly help launch derivatives trading — a desire of many crypto exchanges — in Europe in 2024, expand into more Asian markets and fund operations in the U.K.
The crypto exchange did not immediately respond to The Block's request for comment.
Founded in 2011, Bitstamp is the world's longest-running crypto exchange. According to The Block's Data Dashboard, It maintains less than 7% of the overall market share for USD-supporting exchanges.
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