The UK branch of the crypto exchange reported significant losses.
This confirms that 2022 was a challenging period for companies in the industry.
Another
popular crypto exchange has joined the ranks of the digital asset companies that
were significantly impacted by the industry downturn in 2022. Bitstamp's
financial report was released this week summarizing the past year in reflection of the previous year. Its revenue dropped to almost a fifth of its previous figures seen in 2021; its turnover more than halved in value, ending with a net loss of
over €7 million.
Bitstamp: €37
Million Profit to a Loss of €7Million
Bitstamp
Limited, registered in the UK, published its full accounts and summarized the results
for 2022. It exhibited a substantial decline compared to the record-breaking
year of 2021, reflecting how the digital asset market's condition changed over
these two years.
In 2021,
when a single Bitcoin (BTC) was valued at nearly $70,000, Bitstamp's revenue
reached €109 million, with a profit of €37 million. However, in 2022, when
BTC's price dropped to as low as $15,000, its revenues shrank to
€29 million. Simultaneously, the net profit shifted to a loss of €7 million.
Other
significant financial indicators of the cryptocurrency exchange also depreciated. The total volume plummetted from €117 million to just under €55 million.
At the same time, the company incurred higher administrative costs than in
2021, amounting to €57 million.
As the
company admits, such significant declines in performance were caused by
"unfavorable market conditions and the reduction in trading volumes."
The latter was due to transferring part of the business to three subsidiary
companies: Bitstamp USA, Bitstamp Global, and Bitstamp Europe. The report also
mentioned the negative impact of the war in Ukraine on conducting business in
Europe.
"The
company's total assets decreased to EUR 358,901,713 compared to EUR
1,344,442,798 in 2021. This is mainly driven by the lower trading volumes
during the year and a consequence of the transfer of business mentioned above,"
the company commented in the financial report.
As it turns
out, the negative effects of the crypto winter have not ceased in 2022. The latest
reports from publicly listed cryptocurrency companies Galaxy Digital and Riot
Blockchain for Q2 2023 show a continuation of the negative trend. Both companies
reported a net loss explained by challenging market conditions.
Bitstamp Hunts for Funds and Halts Part of US
Trading
The 2022
financial report was published at a time when there is much discussion about Bitstamp, the
crypto exchange. On Tuesday, it
announced its plans to seek new investors, launch derivatives trading in
Europe, and expand its operations in the UK and Asian markets.
Bitstamp's
CEO, Jean-Baptiste Graftieaux, revealed that the company is seeking new funding
and a strategic sponsor to achieve these plans and rebuild its position as one
of the world's largest cryptocurrency exchanges.
According
to data from Kaiko, Bitstamp's US branch, which holds a BitLicense issued by
New York State, has gained some of the local market share in 2023. Meanwhile, other
popular platforms, such as Binance US, have become less significant, partly due
to regulatory issues and lawsuits.
However, it
turns out that regulatory problems have ultimately affected Bitstamp.
Yesterday (Wednesday), the exchange announced the suspension of trading for
several cryptocurrencies in the US due to legislative issues. The suspension
will take effect from August 29, affecting Axie Infinity (AXS), Decentraland
(MANA), Chiliz (CHZ), Sandbox (SAND), and Solana (SOL).
Another
popular crypto exchange has joined the ranks of the digital asset companies that
were significantly impacted by the industry downturn in 2022. Bitstamp's
financial report was released this week summarizing the past year in reflection of the previous year. Its revenue dropped to almost a fifth of its previous figures seen in 2021; its turnover more than halved in value, ending with a net loss of
over €7 million.
Bitstamp: €37
Million Profit to a Loss of €7Million
Bitstamp
Limited, registered in the UK, published its full accounts and summarized the results
for 2022. It exhibited a substantial decline compared to the record-breaking
year of 2021, reflecting how the digital asset market's condition changed over
these two years.
In 2021,
when a single Bitcoin (BTC) was valued at nearly $70,000, Bitstamp's revenue
reached €109 million, with a profit of €37 million. However, in 2022, when
BTC's price dropped to as low as $15,000, its revenues shrank to
€29 million. Simultaneously, the net profit shifted to a loss of €7 million.
Other
significant financial indicators of the cryptocurrency exchange also depreciated. The total volume plummetted from €117 million to just under €55 million.
At the same time, the company incurred higher administrative costs than in
2021, amounting to €57 million.
As the
company admits, such significant declines in performance were caused by
"unfavorable market conditions and the reduction in trading volumes."
The latter was due to transferring part of the business to three subsidiary
companies: Bitstamp USA, Bitstamp Global, and Bitstamp Europe. The report also
mentioned the negative impact of the war in Ukraine on conducting business in
Europe.
"The
company's total assets decreased to EUR 358,901,713 compared to EUR
1,344,442,798 in 2021. This is mainly driven by the lower trading volumes
during the year and a consequence of the transfer of business mentioned above,"
the company commented in the financial report.
As it turns
out, the negative effects of the crypto winter have not ceased in 2022. The latest
reports from publicly listed cryptocurrency companies Galaxy Digital and Riot
Blockchain for Q2 2023 show a continuation of the negative trend. Both companies
reported a net loss explained by challenging market conditions.
Bitstamp Hunts for Funds and Halts Part of US
Trading
The 2022
financial report was published at a time when there is much discussion about Bitstamp, the
crypto exchange. On Tuesday, it
announced its plans to seek new investors, launch derivatives trading in
Europe, and expand its operations in the UK and Asian markets.
Bitstamp's
CEO, Jean-Baptiste Graftieaux, revealed that the company is seeking new funding
and a strategic sponsor to achieve these plans and rebuild its position as one
of the world's largest cryptocurrency exchanges.
According
to data from Kaiko, Bitstamp's US branch, which holds a BitLicense issued by
New York State, has gained some of the local market share in 2023. Meanwhile, other
popular platforms, such as Binance US, have become less significant, partly due
to regulatory issues and lawsuits.
However, it
turns out that regulatory problems have ultimately affected Bitstamp.
Yesterday (Wednesday), the exchange announced the suspension of trading for
several cryptocurrencies in the US due to legislative issues. The suspension
will take effect from August 29, affecting Axie Infinity (AXS), Decentraland
(MANA), Chiliz (CHZ), Sandbox (SAND), and Solana (SOL).
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Tradu Introduces New Crypto Exchange with Competitive Fees
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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