It’s no secret that the early-bird crypto exchange, Bitstamp, founded in 2011, has its eyes set on an aggressive growth strategy. The Luxembourg-registered exchange is said to be in the process of fundraising from strategic investors, according to CEO Jean-Baptiste Graftieaux in a recent Bloomberg interview. However, one thing is made crystal clear – the exchange is “not for sale.”
Much of Bitstamp’s current strategic activity began in June under the guidance of Galaxy Digital Holdings. The focus is firmly fixed on accelerating the growth of Bitstamp, and the aim is to inject cash to facilitate the launch of new products and services for both retail and institutional crypto customers.
The strategic use of funds anticipates significant scaling of operations. One focal point is the introduction of derivatives trading in Europe, scheduled for early next year. Another is increasing Bitstamp’s footprint in Asian and UK markets and streamlining its service offerings across these and other regions.
This undertaking is not a new direction for Bitstamp. Elements of global expansion were initiated in 2018 after acquisition by the Belgium-based investment firm NXMH. The co-founders, Nejc Kodrič and Damijan Merlak, were clear that the end goal wasn’t to sell but to facilitate growth.
However, it’s not all smooth sailing as the crypto landscape evolves. In light of “recent market developments,” Bitstamp announced it would put a brake on specific tokens’ trading, including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL) for US customers from August 29. This development, while it temporarily halts trading, doesn’t impact other token activities such as holdings and withdrawals.
Bitstamp’s operations are firmly enmeshed in regulatory principles. As recently as June, Bitstamp’s UK division was added to a list of registered crypto firms under the UK’s Financial Conduct Authority’s guidance.
Moving all the chess pieces, Bitstamp is converting its global expansion aspirations into reality. While some may lament the cessation of specific token trading for the US market, the vision of increased and diversified products and market reach will be seen as a strong move for Bitstamp’s future strategy. Indeed, the crypto world will be watching Bitstamp’s expansions and contractions, and the impact of strategic investor involvement, with keen interest.
Source: Cryptonews
