Over 500% customer surge – Bitstamp finally expands to the USA | Invezz
Crypto exchange Bitstamp has announced plans to expand to the U.S. after recording a 570% increase in its U.S customers since the start of the year. The exchange is one of the oldest in the world and has recorded a near three-fold surge in the U.S. when it comes to its assets under management (AUM). It has also recorded an impressive 300% increase in U.S. client activities and the use of its Bitstamp mobile app.
Boosting customer engagement in the country
The company said it had an extended strategy to engage U.S customers, which includes exploring its institutional custody expansion, establishing digital investment infrastructure, and building important institutional partnerships.
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The strategy also includes hiring U.S.-based talent to boost its customer engagement in the country.
In a recent interview, Hunter Merghart, U.S. Head of Bitstamp, stated that the exchange has been building its U.S. customer base for a while now. But it decided to double down on the efforts and it has yielded dividends.
He said the exchange has invested immensely in product and infrastructure to target both institutional and retail investors in the U.S.
Bitstamp is adjusting to the new environment
Bitstamp says it is gradually adjusting to the new environment, and everything is expected to go as planned. The exchange says the pre-existing infrastructure and relationship will be counted upon to make the expansion go smoothly. Bitstamp added that its platform is built on solid hardware and software, which matches that of NASDAQ. This gives the platform the trading speed capabilities accustomed to U.S. customers.
Bitstamp has previously partnered with U.S.-based Silvergate bank to roll out a product offering to U.S. customers. The exchange says it can process more than $3 billion worth of transactions within 24 hours without experiencing a single downtime. It’s also making provisions to increase the strength of its infrastructure to accommodate future expansions in customer base and product offerings.