Bitstamp announces US expansion after 570% increase in customers
“In the United States, the future upside for new retail and institutional buyers is astronomical,” CEO Julian Sawyer said.
One of the oldest cryptocurrency exchanges recently announced that it would increase its efforts to reach out to more users in the United States.
Following strong growth in the first quarter of 2021, Bitstamp announced today that it will begin a marketing campaign in the United States aimed at informing institutional investors about cryptocurrency.Bitstamp said it intended to triple the number of employees in its U.S. team and expand its customer service team by 50% in 2021 as part of these activities.
In 2020, Bitstamp CEO Julian Sawyer told Cointelegraph that the company started to see increased demand from institutional buyers and US financial institutions, while other crypto exchanges were “struggling with uptime and customer service.” He claimed that the exchange’s security, straightforward fees, and infrastructure would give it an advantage over local competitors.
“Crypto is the fastest-growing sector of financial services, and we expect to be a pioneer in the world’s most dynamic financial market,” Sawyer said. “In the United States, the future upside for new retail and institutional buyers is astronomical.”
Sawyer pointed to the exchange’s dramatic rise after the pandemic as evidence that Americans want more access to digital properties. In Q1 2021, Bitstamp announced a 281 percent increase in assets under control for US customers.In the first four months of this year, relative to the same timeframe in 2020, the number of customers increased by 570 percent. Furthermore, as compared to the same time in 2020, monthly operation for trades and deposits increased by 348 percent in 2021.
The statement comes as Bitstamp’s leadership has changed many times in the last year. Sawyer, a former Gemini employee, joined the company as CEO in October. Stephen Bearpark, a former Barclays finance director and Amazon veteran, was newly hired as Bitstamp’s chief financial officer, and Sameer Dubey was hired as its chief operating officer.