- Project Sela, a CBDC venture, combines private sector agility with central bank oversight.
- The introduction of “Access Enablers” promises heightened competition and reinforced security.
Bitstamp’s Strategic Fundraising for Expansion
Bitstamp, a veteran player in the cryptocurrency exchange arena, is surging ahead with its ambitious strategy for worldwide growth. Recent reports reveal that the exchange is actively seeking new funding to fuel its expansion initiatives.
Sources indicate that Bitstamp initiated its fundraising efforts in late June, enlisting the expertise of Michael Novogratz’s Galaxy Digital Holdings as an advisory partner. The overarching objective is to secure resources for an array of strategic undertakings that include the introduction of derivatives trading in Europe by 2024 and an amplified market presence across Asian regions. Notably, Bitstamp also aims to elevate its operational capacity in the United Kingdom.
Targeted Growth Markets
CEO Jean-Baptiste Graftieaux underscored Bitstamp’s commitment to augmenting its services for both retail and institutional clients in the crypto space. He emphasized that while expansion is a priority, the exchange is not actively seeking to divest or sell the company.
Past Collaborations and Future Plans
Bitstamp’s latest move follows its earlier affiliation with blockchain powerhouse Ripple, which acquired a minority stake in the exchange during Q1 2023. This partnership, facilitated with advisory support from Galaxy Digital, was publicly unveiled in late May.
The current expansion drive aligns with Bitstamp’s broader global vision, first articulated in 2018 when the exchange was acquired by NXMH, a firm backed by South Korean company NXC. Back then, Bitstamp co-founders Nejc Kodrič and Damijan Merlak clarified their intention to retain autonomy and avoid external investment. Despite this, Kodrič opted to monetize a substantial portion of his Bitstamp shares, maintaining a 10% stake and continuing as CEO.
Originating in Slovenia in 2011 and headquartered in Luxembourg, the exchange initially emerged as a key player in Bitcoin trading, offering an alternative to the then-dominant Mt. Gox exchange. Over time, The exchange has grown into one of the world’s largest cryptocurrency exchanges, boasting a trading volume of approximately $127 million over a recent 24-hour span, according to data sourced from CoinGecko.
Notably, Bitstamp’s U.K. division has recently gained recognition as a registered entity under the oversight of the Financial Conduct Authority.
As Bitstamp reinforces its footprint across continents and enhances its services, the exchange’s enduring legacy and pivotal role in the crypto landscape remain steadfast.