London-based crypto exchange Bitstamp has announced its intention to further expand its US operations following astronomical growth in Q1, 2021.
Bitstamp Ramps Up Operation In US
The statement made in a blog article on its site noted that its decision boils down to several positives they have seen coming from the US monetary cycles.
Bitstamp stated it had been prioritizing the US market as it’s seen that a 570% increase in new clients in the first four weeks of 2021, compared to the identical period in 2020.
Assets under management (AUM) for U.S customers had increased by 281percent in Q1 and a 325% increase in its cellular app usage in the U.S.
In terms of US customer’s actions (transactions, deposits), Bitstamp stated this metric jumped onto a monthly level by 348percent in 2021 versus the same period this past year.
To further cement its position in the US market, Bitstamp will soon be starting a full-scale marketing and advertising campaign to educate retail investors in the country about the potential advantages that come with owning cryptocurrencies.
Bitstamp’s campaign will be called”For All The Ways We Crypto.” The campaign will play a crucial part in raising its global profile as a top cryptocurrency market .
Bitstamp’s CEO Julian Sawyer describes crypto among the fastest-growing parts of the financial world.
Sawyer was the former Gemini managing director for Europe.
Sawyer said Bitstamp has an ambitious objective of becoming a leader in a highly competitive market, like the US.
He said that the triple-digit growth was a very clear indication that American investors desired access to their services.
Bitstamp has been carefully positioning itself for the crypto avalanche after appointing Sawyer as the new CEO in October last year. It also brought in Barclay’s financial manager and former Amazon veteran Stephen Ballpark to head its fiscal unit while Sameer Dubey was appointed as the exchange’s operations officer.
But that is not all. Bitstamp says it will also be increasing its customer care team by 50percent this year.
Bitstamp’s Impressive US Record
Bitstamp stated that it might continue to concentrate on optimal trading speed by managing enormous trading orders without affecting the price of the digital assets.
It also pointed out that it’s one of the top 5 globally acknowledged crypto exchanges for large volume transactions as it processes around $28 billion in monthly transactions. Alongside this, it has $11 billion total AUM, together with the US market contributing 11percent to this remarkable return.
To add more laurels to its accomplishment, Bitstamp socialized with Silvergate Bank to launch Silvergate’s SEN Leverage. The fiscal tool focused on institutional investors allows traders to invest in any asset with leverage collateralized by Bitcoin or US dollars.
According to Bitstamp, this venture has so far generated over $50 million in loans and may likely raise over $250 million before the year ends.
Jimmy has been following the development of blockchain for several decades, and he is optimistic about its potential to democratize the fiscal system. When not immersed in the everyday events in the crypto scene, he can be found watching legal reruns or seeking to conquer his Scrabble score.