Bitstamp, a crypto exchange that is based out of Luxembourg and considered one of the oldest in the world, revealed an official expansion into the United States market.
The extension leverages recent exponential growth for Bitstamp in the U.S. This includes a 570% increase in new U.S. customers since the start of 2021, a near three-fold surge in U.S. customers’ assets under management (AUM), and a more than 300% increase in U.S. client activity and use of Bitstamp’s mobile app.
The company’s near-term U.S. engagement is a four-pronged strategy that includes building key institutional partnerships, establishing digital investment infrastructure, exploring the expansion of its institutional custody and derivates offerings, and hiring U.S.-based talent.
“We have been operating [in the US] for a while now but we’re just doubling down on those efforts with continued headcount, investment and infrastructure and product roadmap that is a little bit targeted towards both, US retail and institutional clients,” said U.S. Head of Bitstamp Hunter Merghart in an interview.
Adjusting to the new environment is expected to go smoothly given Bitstamp’s pre-existing relationships and infrastructure. The core software and hardware on which Bitstamp’s trading platform is built matches that of NASDAQ’s, and gives it trading speed capabilities that U.S. markets are accustomed to.
In the past, Bitstamp has processed over $3 billion in trade value in a single day without the need for downtime and averages around $1 billion per day.
The exchange has also worked with US-based Silvergate Bank, known for innovation in the cryptocurrency space, to launch new product offerings for its U.S. customers. More than 10% of Bitstamp’s AUM come from the U.S.
A nationwide marketing campaign accompanies the launch in order to improve its brand recognition in the U.S. However, Bitstamp is also planning to hire executive-level leaders, believing that these will help it lock in long-term clients.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
