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Crypto Exchange Bitstamp to Expand Operations with New Fundraising Plan

Sujha Sundararajan
Last updated: | 1 min read
Source: Shutterstock

 

Bitstamp, an early crypto exchange founded in 2011, is reportedly planning fresh fundraising “through strategic investors” to gear up the exchange’s growth and operations.

Speaking to Bloomberg, Jean-Baptiste Graftieaux, CEO of Bitstamp said that the exchange is “not for sale.” He said that the company started the fundraising process in June under the guidance of Galaxy Digital Holdings.

“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.”

Per the spokesperson, the exchange would use the funds to scale its operations, including launching derivatives trading in Europe early next year, expanding its market presence in Asia and the UK and simplifying its service offerings across various markets.

Galaxy Digital also previously served as an advisor to Pantera Capital in the sale of a minority stake in Bitstamp to Ripple earlier this year.

Bitstamp, the Luxembourg-registered exchange, first announced its plans for global expansion in 2018, when the exchange was acquired by Belgium-based investment firm NXMH.

Bitstamp’s co-founders Nejc Kodrič and Damijan Merlak said at the time, “We’re not looking to sell and definitely not looking for investment.”

The exchange announced Tuesday that it is implementing some trading restrictions on its platform for US customers. Bitstamp noted that it will halt trading of tokens including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND) and Solana (SOL), starting August 29.

The exchange noted “recent market developments” as the reason to halt these tokens trading and said, holding and withdrawing tokens will be unaffected.

Bitstamp, in June, said that the exchange’s UK arm has joined the list of registered crypto companies under the country’s Financial Conduct Authority.