<p>Bitstamp, one of the world’s oldest cryptocurrency exchanges, is embarking on an ambitious endeavor to expand its services within the Asian market through a fresh funding round.</p><p>Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-08-07/crypto-exchange-bitstamp-in-fundraising-talks-seeks-expansion?utm_source&#61;website&amp;utm_medium&#61;share&amp;utm_campaign&#61;copy" rel="noopener noreferrer nofollow">reported</a> on Monday that the firm’s CEO Jean-Baptiste Graftieaux, stated that “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.”</p><h2 id="header-0">Derivatives trading and Asian expansion</h2><p>In accomplishing the funding round, the company is being guided by Mike Novogratz of Galaxy Digital Holdings. Bitstamp initiated its fundraising efforts in late June. The objective behind these efforts is to secure the capital required for launching derivatives trading in Europe by 2024 and to extend the platform’s reach across various markets in Asia. Moreover, Bitstamp has its sights set on fortifying its presence in the United Kingdom, seeking to establish a more robust footing there.</p><p>Bitstamp’s current endeavors to amplify its operational scale are aligned with the company’s broader ambitions announced in 2018. This was the year when the firm was acquired by NXMH, a South Korean-backed entity.</p><h2 id="header-1">Not for sale</h2><p>Back then, Nejc Kodrič, one of Bitstamp’s co-founders, asserted that the intention was not to sell the company or actively seek investment. Nevertheless, the acquisition was realized, and Kodrič opted to cash out a majority of his Bitstamp stock while retaining a 10% stake and continuing as the CEO.</p><p>Graftieaux was emphatic in clarifying Bitstamp’s intentions, stating that the company is not actively seeking to be acquired or to sell itself. This news arrives just a few months after Ripple acquired a minority stake in Bitstamp during the first quarter of 2023. Galaxy Digital played an instrumental role as an adviser throughout that transaction, which was publicly disclosed in late May.</p><p>Coinciding with this news, Bitstamp has unveiled some trading restrictions for its US user base. Effective from August 29, the exchange will temporarily halt trading for tokens such as Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL).</p><p>This pause in trading activities has been attributed to “recent market developments,” with assurances that the ability to hold and withdraw these tokens will remain unaffected. All of the projects behind the tokens that Bitstamp is planning to halt the trading of have been<a href="https://www.theblock.co/post/233284/sec-names-more-tokens-as-securities-including-chiliz-flow-near-and-nexo" rel="noopener noreferrer nofollow"> named</a> by the US Securities and Exchange Commission (SEC) as unregistered securities in its lawsuit against Coinbase.</p><h2 id="header-2">Slovenian roots</h2><p>Having originated in Slovenia in 2011, Bitstamp gradually evolved into a prominent force in the cryptocurrency trading landscape. Once an alternative to the then-dominant Bitcoin exchange, Mt. Gox, Bitstamp’s reach and influence have grown substantially. It currently stands as one of the world’s largest crypto exchanges, boasting a trading volume of approximately $127 million over a recent 24-hour period, according to data published by crypto data aggregator CoinGecko.</p><p>The developments at Bitstamp demonstrate that the firm continues to refine its global strategy, extending its services and product offerings to various markets globally.</p>

Bitstamp Raises Funds to Enable Asian Market Expansion

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