One of the oldest cryptocurrencies officially unveiled that it would increase its attempts to achieve more users in the United States.
After strong growth in the first quarter of 2021, Bitstamp announced today that it will begin a marketing campaign in the United States aimed at informing institutional investors about cryptocurrency. Bitstamp stated it intended to triple the number of employees in its U.S. team and expand its customer service team by 50% in 2021 as part of these activities.
In 2020, Bitstamp CEO Julian Sawyer said to Cointelegraph that the company started to witness increased demand from institutional buyers and US financial institutions, whereas other crypto platform were struggling with uptime and customer service. He claimed that the exchange’s safety, clear charges, and technology would give it an advantage over local competitors.
“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,” stated Sawyer. “The potential upside for new retail and institutional investors in the U.S. is astronomical.”
Sawyer pointed to the exchange’s dramatic rise after the disease outbreak as evidence that Americans want more access to digital properties. Bitstamp announced a 281 percent increase in assets under management for US customers in Q1 2021, while the number of users increased by 570 percent in the first quarter of this year compared to the identical timeframe in 2020. Furthermore, monthly volume for transactions and deposits increased by 348 percent in 2021 compared to that in 2020.
The statement comes as Bitstamp’s leadership has changed many times in the previous year. Sawyer, an ex Gemini employee, entered the company as CEO in October. Stephen Bearpark, a former Barclays finance director and Amazon executive, was newly hired as Bitstamp’s CFO, and Sameer Dubey was hired as the company’s chief operating officer.