Cryptocurrency exchange Bitstamp plans to launch a derivatives trading platform in Europe in 2024, expand its geopolitical presence in Asia, and increase its services in the UK.
In this regard, the exchange has been actively raising new capital since late June, as Bloomberg reported. Galaxy Digital Holdings is acting as the main advisor in this regard, according to Jean-Baptiste Graftieaux, CEO of Bitstamp.
"Our top priority is to raise funds from strategic investors to accelerate Bitstamp's growth by providing new products and services to the retail and institutional cryptocurrency markets," Graftieaux said.
It's worth noting that Galaxy Digital Holdings was previously an advisor to Pantera, which sold its minority stake in Bitstamp to Ripple this year.
The futures market has gained immense popularity recently, with more and more crypto platforms looking to offer their services in it. Since the beginning of the year, Coinbase Global Inc. and Gemini have launched their platforms in the derivatives market; however, the leader is still Binance.
Many experts attribute the popularity of the derivatives market to the increasing pressure of U.S. regulators on the cryptocurrency sector and the banking crisis, which negatively affected the trading of digital assets in US dollars.
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