Bitstamp, a well-established cryptocurrency exchange, is in talks to raise new capital, according to information confirmed by the platform's global CEO Jean-Baptiste Graftieaux.
Cryptocurrency Exchange Bitstamp Announces It Has Started Talks To Fund Expansion
The fundraising initiative began in late June, with Galaxy Digital Holdings participating as a consultant to the process.
According to a spokesperson, the primary goal of this funding effort is to support Bitstamp's operational growth.
The exchange plans to use the funds raised to support various initiatives, including the launch of derivatives trading in Europe next year. In addition, Bitstamp aims to expand its market reach in Asia and the UK.
Despite the financing talks, Graftieaux stressed that Bitstamp is not actively aiming to sell the company.
“Bitstamp is not for sale and we don't want to actively sell the company,” Graftieaux said.
The CEO also stated that the primary goal is to raise funds from strategic investors to accelerate Bitstamp's growth trajectory and enable the rollout of new products and services for both retail and institutional crypto clients.
The consulting firm Galaxy Digital Holdings, which was involved in the financing negotiations, previously played a role in Pantera's dealings with Bitstamp. Pantera sold its minority stake in Bitstamp to Ripple this year.
Despite changes in the industry, Bitstamp has remained relevant and is now the seventh largest exchange in the world by trading volume, with trading volume of approximately $126 million in a 24-hour period.
This year, Bitstamp USA has managed to expand its market share in the United States, unlike some other exchanges such as Binance US, which have experienced a decline in market share.
*Not investment advice.