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- 1 Bitstamp is preparing for expansion across countries as well as elevating offerings.
- 2 Galaxy Digital Holdings’ CEO Michael Novogratz is acting as an advisor for one of the oldest cryptocurrency exchanges in fundraising.
- 3 The exchange announced to halt trading of SOL, AXS, MANA, and several other crypto assets by August end.
The cryptocurrency industry has been expanding since its inception and the pace only increased with time. Many companies and entities aligned their growth with the burgeoning asset class and some of them saw a significant rise. In order to seek the rise further, cryptocurrency exchange Bitstamp is reportedly preparing to scale up its business in the sector.
Bloomberg reported that Bitstamp initiated raising the funds at the end of June. The capital market company, Galaxy Digital Holdings’ CEO Michael Novogratz is advising the firm through the process.
The Luxembourg City headquartered one of the oldest cryptocurrency exchanges is looking for scaling up its operations and global expansion with the funds. It has plans to launch derivatives trading in the native European region by next year. Along with this, it is also considering stretching it to the Asian financial markets.
In addition, Bitstamp is reported to be preparing to increase its offerings and services in the United Kingdom.
The pan-European investment firm based in Belgium, NXMH, acquired Bitstamp for an undisclosed amount in 2018. During the time of acquisition, global expansion plans were proposed. The recent efforts towards the expansion came in the wake of a similar plan.
Earlier, the payment protocol Ripple reported to purchase a stake in Bitstamp.
The 2011-founded cryptocurrency exchange is among the longest-running ones today. It had a huge share of Bitcoin (BTC) trading volume.
According to CoinMarketCap, the current trading volume of Bitstamp is at over $143 Million in the last 24 hours.
Bitstamp Limits Specific Cryptocurrencies’ Trading
Amid the growing concerns around cryptocurrencies and the broader crypto industry in the United States, Bitstamp recently announced several restrictions.
The crypto exchange announced on August 8th, 2023, that the trading for crypto assets like Solana (SOL) Axie Infinity (AXS), Decentralized (MANA), Polygon (MATIC), Chiliz (CHZ), NEAR Protocol (NEAR), and The Sandbox (SAND) will not be available for trade over the platform from August 29, 2023.
The reason behind the decision is the ongoing developments in the financial asset market. However, it clarified that only trading operations will be halted while the holding and withdrawal of the mentioned cryptocurrencies will continue.
PayPal Expanding Crypto Operations With Stablecoin
Recently payment giant company PayPal announced it is going to launch native dollar-backed stablecoin PayPal USD (PYUSD). The step came in the wake of the company’s efforts to keep the innovation and customer experiences ongoing and “contribute to the growth of digital payments.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
