Bitstamp Taps Galaxy Digital To Raise Funds For Expansion Efforts In Europe, Asia

Crypto exchange Bitstamp is currently in discussions to secure additional funding.

Galaxy Digital Holdings BRPHF is offering advisory services for the initiative, which commenced in June. Previously, Galaxy had advised Pantera, which recently offloaded its minority share in Bitstamp to Ripple XRP/USD.

Bitstamp intends to use the raised capital to bolster operations in the U.K., introduce derivatives trading in Europe in the forthcoming year, and broaden its market presence in Asia.

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“Bitstamp is not for sale, and we are not actively looking to sell the company," CEO Jean-Baptiste Graftieaux said. "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.”

Established in 2011 and headquartered in Luxembourg, Bitstamp once stood as a primary hub for Bitcoin BTC/USD transactions, presenting itself as an alternative to the then-leading crypto exchange, Mt. Gox.

Presently, it ranks as the seventh-largest global exchange, boasting a trading volume nearing $126 million within the past day, as per Coinmarketcap.com data.

Back in 2018, Bitstamp transitioned under the ownership of NXMH, a European investment entity under the larger umbrella of the South Korean conglomerate, NXC.

Bitstamp's American division, Bitstamp USA, possesses the esteemed BitLicense, enabling it to cater to the clientele in New York.

This year, it witnessed an uptick in its market share in the U.S., in contrast to other platforms like Binance.US, which saw a decline, as per Kaiko's data.

The crypto sector has observed an increasing number of platforms venturing into derivatives, a domain previously led by FTX FTT/USD before its downfall and Binance BNB/USD.

Both Coinbase Global Inc. COIN and Gemini have inaugurated offshore derivatives exchanges this year.

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