Bitstamp, a leading cryptocurrency exchange, is gearing up to expand its presence in the Asia-Pacific region, with a specific focus on institutional business growth in Australia. This strategic move comes as part of the company’s global expansion plans and follows the announcement of Robinhood’s planned acquisition of Bitstamp for $200 million, set to be finalized in 2025.
During the Token2049 conference in Singapore, Bobby Zagotta, Bitstamp’s global chief commercial officer, emphasized the promising opportunities for institutional clients in Asia. “We see Asia as a great opportunity,” said Zagotta. “Hong Kong and Singapore are our primary markets… In 2024, we identified Australia as a particular geography we’d like to focus on.”
Bitstamp has identified Australia as a region where its institutional offerings can address a gap left by other players such as Binance and Kraken, which Zagotta described as operating “in limited ways” in the country. Zagotta explained that while Australia is mainly served by local operators, Bitstamp’s global exchange operations offer unique value propositions that can cater to institutional clients in the region.
With Asia currently contributing 20% of Bitstamp’s global revenue and Europe accounting for 65%, the exchange’s expansion into Australia could potentially shift these figures. The company is actively seeking approvals from Australian regulators to establish itself as a dominant player in the region.
The impending acquisition by Robinhood is expected to further bolster Bitstamp’s retail client base. CEO Julian Zagotta believes that the collaboration could attract significant retail trading flows from Robinhood’s extensive crypto user base, enhancing the appeal of Bitstamp’s market offerings. While the regulatory approval process is underway, Bitstamp remains optimistic about the timeline and business operations will continue as usual until the transfer of control is complete.
As Bitstamp positions itself to capitalize on Australia’s growing interest in institutional cryptocurrency trading, this expansion could not only increase market liquidity but also introduce new services tailored to institutional players. With a clear focus on filling market gaps and catering to the evolving needs of the cryptocurrency industry, Bitstamp’s move into Australia signifies a significant step towards solidifying its presence in the Asia-Pacific region.