Bitstamp Plans U.S. Expansion Following 570% Growth in Signups
Popular cryptocurrency exchange Bitstamp has announced that it will be expanding its United States operations, following a groundbreaking feat recorded in the country in the first four months of the year.
Massive Growth in Q1
Highlighting its achievements within the period, Bitstamp said in a press release shared with CryptoPotato today that new customer signups from U.S. residents surged by 570%.
The third-largest exchange noted that transaction volume, including trading and deposits in the region, also increased monthly by 348%.
Furthermore, U.S. customers’ assets under management (AUM) rose to 281% in Q1 2020, as well as a 325% growth was recorded in the firm’s mobile app usage within the U.S. environs.
Notably, U.S. customers alone account for 11% of the firm’s total AUM of $11 million, which is one of the driving forces why the firm has chosen to boost its business in the country.
Increasing Support Staff
Based on these achievements, the company said it would expand its U.S.-based operations by investing more funds, which will cater to the acquisition of an additional workforce to further enhance its U.S. presence.
As part of efforts to boost its customer support, Bitstamp stated that it would increase its dedicated support staff by 50% this year, to further reduce its 22 seconds call waiting time.
Conquering the U.S. Crypto Market
Commenting on the development, Julian Sawyer, Bitstamp’s CEO, said the company is poised to become a leader in the U.S. crypto industry, a market that has seen widespread adoption of the asset class from both retail and institutional investors.
He further added that the growth of Bitstamp’s business in the country shows U.S. clients prefer the exchange over its competition.
“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,” he added.
Meanwhile, as Bitstamp prepares to conquer the U.S. crypto market, the exchange will come head-to-head with tough competitors like Coinbase, Gemini, and Kraken.
Coinbase is already the market leader in the region and was recently listed on Nasdaq via a direct listing, bolstering the company’s valuation to $100 billion.
Gemini and Kraken, on the other hand, are reportedly planning to follow in the footsteps of Coinbase to go public in the US stock market.