Bitstamp is raising funds to expand services in Asia and Europe: Bloomberg report

TL;DR

• Bitstamp wants to raise funds to expand its services in Asia and Europe. 

• Galaxy Digital Holdings is acting as an adviser for the platform in its funding venture.

Bitstamp seeks to expand the number of markets it serves

Bitstamp, one of the oldest crypto exchanges, has revealed that it is currently in talks with investors to raise fresh funding.

This is according to Bitstamp’s CEO, Jean-Baptiste Graftieaux. The CEO told Bloomberg that the cryptocurrency exchange began the fundraising process a few weeks ago, and Galaxy Digital Holdings serves as its adviser. 

The cryptocurrency exchange will use the funds to expand its operations. Bitstamp wants to launch its derivatives trading service in Europe by next year and will also expand the number of markets it serves in Asia. The company will also expand its operations in the U.K.,

While commenting on this latest cryptocurrency news, Jean-Baptiste Graftieaux stated that;

“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.”

Bitstamp has been expanding its business in the crypto space in recent months. In June, Bitstamp was registered as a cryptoasset business by the UK’s Financial Conduct Authority (FCA). 

By doing so, Bitstamp joined other platforms like eToro, Revolut and Moonpay on the FCA list of firms complying with Money Laundering, Terrorist Financing and Transfer of Regulations (MLRs).

Bitstamp is a UK-based cryptocurrency exchange and has been around since 2011.