News

Crypto Exchange Bitstamp In Negotiations To Expand To Europe In Early 2024

Key Points:

  • The cryptocurrency exchange is in talks to raise more capital to open the market.
  • The company plans to expand into Europe, Asia, and the UK early next year.
  • The company’s current and only priority is to raise money through strategic investors.
According to Bloomberg News, Bitstamp Global CEO Jean-Baptiste Graftieaux said they are currently in talks to raise new capital to expand the market and increase operations.
Bitstamp Global CEO Jean-Baptiste Graftieaux

A Bitstamp spokesperson said the exchange kicked off the fundraising process at the end of June, with Galaxy Digital Holdings as an advisor. The company plans to use the money for operations, including launching derivatives trading in Europe next year and expanding operations in Asian and UK markets.

“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,” Graftieaux said in a statement.

The U.S. regulatory crackdown and banking crisis have also made it a lot more difficult to trade crypto in USD. This seems to have prompted crypto companies to move to more breathable markets.

Founded in 2011, Bitstamp, based in Luxembourg, is one of the oldest cryptocurrency exchanges, having been the main venue for Bitcoin trading, acting as an alternative to Bitcoin exchanges. The dominant at that time was Mt.Gox.

Recently, Binance.US is bleeding. A week after the SEC lawsuit, market makers and traders left the exchange in droves. As measured by aggregate market depth for the 17 tokens on the exchange, liquidity has dropped by almost 80%. The market share of Binance.US, the US version of Binance, plummeted from 27% in April to just over 1% at the end of June.

Taking advantage of the Binance slump, three smaller exchanges, Kraken, LMAX, and Bitstamp, jumped up by 25.5%, 9%, and 6%, respectively, according to Kaiko. Currently, Bitstamp USA, the US unit, has a coveted license called BitLicense, which allows it to serve customers in the state of New York.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Victor

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.