The European cryptocurrency exchange Bitstamp is trying to expand to the U.S. market hiring a former Coinbase executive as the head of operations. According to a recent report released by Finance Magnates, Bitstamp appointed Hunter Merghart after acquiring the virtual currency license from the New York regulator.
Bitstamp Hires Hunter Merghart For Its US Expansion
Bitstamp is one of the most popular cryptocurrency exchanges around the world by trading volume, according to CoinMarketCap. The platform operates mainly in Europe but the intention is to enter the U.S. market. Merghart will be focusing on the new and old clients that the company has.
Merghart has been working as the head of trading at Coinbase, one of the largest and most popular crypto exchanges in the United States and the world and Bitstamp competitor. He has also several years of experience in different traditional financial institutions such as Barclays and RBC Capital Markets.
Bitstamp has recently acquired the so-called BitLicense in New York. The NY Department of Financial Services granted Bitstamp a license that allows it to deal with clients in New York state. This is one of the most difficult licenses to receive from a regulatory agency and just a few companies have it. Indeed, there are just 19 firms with this license.
Bitstamp will be allowing users to trade Bitcoin (BTC) and other digital assets against each other and against other fiat currencies such as the U.S. dollar.
During a conversation with CoinDesk, Merghart commented:
“This is an amazing opportunity for me to take what I’ve learned in both traditional finance and crypto to a larger role where I can help grow the U.S. business of the largest European crypto exchange.”
In addition to it, Bitstamp has also improved and redesigned its website in order to provide a more friendly platform for users. At the time of writing this article, Bitstamp is the 49th largest crypto exchange in terms of the trading volume. In the last 24 hours, it handled over $84 million.