Bitstamp Ready To Move Into US Market Following Insane Q1 Growth
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 announcement made in a blog post on its website noted that its decision boils down to several positives they have seen coming from the US financial cycles.
Bitstamp said it was prioritizing the US market as it has seen a 570% increase in new customers in the first four months of 2021, in contrast to the same period in 2020.
Assets under management (AUM) for U.S customers had also increased by 281% in Q1 and a 325% increase in its mobile app usage in the U.S.
In terms of US client’s activities (trades, deposits), Bitstamp said this metric jumped on a monthly level by 348% in 2021 versus the same period last year.
To further cement its place in the US market, Bitstamp will be launching a full-scale marketing campaign to educate retail investors in the country about the potential benefits that come with owning cryptocurrencies.
Bitstamp's campaign will be called “For All The Ways We Crypto.” The campaign will also play a crucial role in raising its global profile as a top cryptocurrency exchange.
Bitstamp’s CEO Julian Sawyer describes crypto as one of the fastest-growing segments of the financial world.
Sawyer was the former Gemini managing director for Europe.
Sawyer said Bitstamp has an ambitious goal of becoming a leader in a highly competitive marketplace, like the US.
He also said that the triple-digit growth was a clear indication that American investors wanted 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 director and former Amazon veteran Stephen Ballpark to head its financial 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 support team by 50% this year.
Bitstamp’s Impressive US Record
Bitstamp said that it would continue to focus on optimal trading speed by handling large trading orders without affecting the price of the digital assets.
It also pointed out that it is one of the top 5 globally recognized crypto exchanges for large volume trades as it processes over $28 billion in monthly transactions. Alongside this, it has $11 billion total AUM, with the US market contributing 11% to this remarkable return.
To add more laurels to its achievement, Bitstamp collaborated with Silvergate Bank to launch Silvergate’s SEN Leverage. The financial instrument focused on institutional investors allows traders to invest in any asset with leverage collateralized by Bitcoin or US dollars.
According to Bitstamp, this partnership has so far generated over $50 million in loans and may likely raise over $250 million before the year ends.