In the first quarter of this year, Bitstamp saw a 570% increase in the number of new signups from US residents. After receiving these great results, Bitstamp has decided to take advantage of the U.S. interest in its business.
London-based digital currency exchange Bitstamp has announced its intention to expand its reach in the US. The company has taken this strategic decision as a result of the impressive growth in the country in the first four months of the year. According to Bitstamp, the number of new customers in the US has soared by as much as 570%. The company believes such a massive growth resulted from the growing interest in digital assets that it provides access to.
Bitstamp noted that while other crypto exchanges were “struggling with uptime and customer support”, it enjoyed attention from retail investors and US financial institutions.
Bitstamp CEO Julian Sawyer stated:
“Crypto is the fastest-growing segment of financial services and we intend to be a leader in the most competitive financial market in the world: the U.S. The potential upside for new retail and institutional investors in the U.S. is astronomical.”
The company also believes that crypto assets are critical for global economic recovery.
Bitstamp’s Massive Growth in the US
In the first quarter of this year, Bitstamp saw a 570% increase in the number of new signups from US residents, compared with the same period of 2020. Further, the company reported a 281% growth in assets under management (AUM). The monthly level of US clients’ activity has surged by 348% from the last year’s level. Besides, the use of Bitstamp’s mobile app in the US saw a 325% rise on a monthly basis.
After receiving these great results, Bitstamp has decided to take advantage of the US interest in its business. Therefore, now the company’s focus will be on further expansion in the country. Specifically, Bitstamp will invest in recruiting an additional workforce in the US, seek for strengthening its strategic partnerships with giant financial companies such as Nasdaq and Silvergate bank to build market infrastructure, as well as explore and expand its institutional custody options.
“We have the momentum to change the customer’s experience with digital assets. We have globally brought millions of people and institutions into digital assets. It’s time now that we focus on building the best customer experience possible and invest more in the US market.”
The initiative follows changes in Bitstamp’s leading positions over the past year. The current CEO Julian Sawyer, former Gemini executive, joined the company in October 2020. Meanwhile, co-founder and former CEO Nejc Kodrič remained one of the company’s Board of Directors. Recently, Amazon.com Inc (NASDAQ: AMZN) veteran and former Barclays plc (NYSE: BCS) CFO Stephen Bearpark joined the group as Bitstamp CFO.
Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.