Bitstamp announces U.S. expansion amid 570% growth - Crypto News

Bitstamp announces U.S. expansion amid 570% growth

The cryptocurrency exchange announced the expansion of its operations and services for the U.S. market today, in a bid to sustain its growth over the past years.

According to the crypto firm’s latest report, their exchange has seen a 570% increase in new customers from the U.S., based on a comparison with figures from the same quarter in 2020. The report also highlights several growth indicators for its U.S. clientele, namely: a 281% increase in assets under management (AUM), a 348% increase in client activity, and a 325% increase in mobile app usage.

In line with this, Bitstamp has disclosed that it will be launching a full-scale U.S. marketing campaign for its digital assets offerings. The campaign is named “For All the Ways We Crypto” and aims to educate retail investors about the firm’s services.

Bitstamp claims that these figures from their operational indicators correlate with the firm’s customer-centric strategy. Established in 2011, Bitstamp is the industry’s longest-running cryptocurrency exchange. Bitstamp was the first cryptocurrency exchange to offer cold storage and MultiSig wallets. It was also among the first exchanges to offer full SegWit support and extensive support for Lightning Network nodes.

“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 and, as one of the top three global exchanges, we are seeing incredible customer adoption. The triple digit growth we’ve seen in the U.S. in 2021 has shown us that Americans want access to an exchange like ours,” shared Bitstamp CEO Julian Sawyer.

With this new trajectory in its operational strategy, the firm has revealed plans of working with top U.S. financial companies such as Nasdaq and Silvergate bank to build market infrastructure, alongside plans of exploring and expanding its institutional custody options. Bitstamp currently operates a matching engine designed by Nasdaq for its professional trading, a result of its earlier collaboration with the exchange platform.

“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,” Sawyer noted.

Such a partnership with major financial institutions in the U.S. implies that the firm is looking to offer regulated derivatives in addition to the institutional crypto services that it currently offers. The firm currently offers institutional services for brokers, neobanks, fintech firms, banks, hedge funds, prop traders, aggregators, and family offices.

Bitstamp was acquired in 2018 by NXMH, a Belgium-based investment firm, and is now based in Luxembourg. It is currently regulated as a payment institution in the European Union, after receiving a license granted by the Luxembourg government. The crypto exchange currently has over 4.4 million users worldwide.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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