- Bitstamp global chief executive officer, Jean-Baptiste Graftieaux reveals plans to raise fresh funding to increase global expansion.
- The funding is to facilitate further growth in Europe and Asia.
- Graftieaux reassures that Bitstamp “is not for sale” and that the current priority is to raise money to accelerate growth.
Bitstamp, a leading crypto exchange headquartered in Europe, is in discussions to raise funding, said the global chief executive officer, Jean-Baptiste Graftieaux, as per reports from Bloomberg.
The exchange reportedly plans to use its funds for various operations such as launching derivatives trading in Europe next year. Furthermore, the platform plans to use the funds for a further expansion of its global footprint in other markets in Asia and increase its market operations in the UK.
In reference to the discussions about fundraising, Graftieaux said:
Bitstamp is not for sale, and we are not actively looking to sell the company… 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.
In a statement, Graftieaux also added that Bitstamp initiated its fundraising efforts in late June, alongside Galaxy Digital Holdings as an advisory partner. Galaxy Digital Holdings Ltd. is a digital asset and blockchain company that provides institutions, startups, and qualified individuals access to the crypto economy.
Bitstamp’s talks to raise funds come days after the exchange’s XRP announcement that left the community rather disappointed. On August 2, Bitstamp announced that XRP holders and those who wish to start earning yield can enjoy a 2% boost in the APY on lending XRP. Rather than the expected enthusiasm, Bitstamp received much frustration as the enthusiasts expected a more significant announcement.
Bitstamp is one of the oldest cryptocurrency exchanges, founded in 2011 in Luxembourg. Currently serving as the world’s seventh-largest exchange, Bitstamp was founded as an alternative to Mt. Gox. At the time, Mt. Gox was a dominant Bitcoin exchange that abruptly ceased operations amid revelations of its involvement in the theft of thousands of Bitcoins.
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