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“The potential upside for new retail and institutional investors in the U.S. is astronomical,” said CEO Julian Sawyer.
One of the oldest cryptocurrency exchanges recently announced that it would increase its efforts to reach more users in the United States.
Following strong success in the first quarter of 2021, Bitstamp crypto exchange announced today that it will begin a marketing campaign in the United States aimed at educating institutional investors about cryptocurrency. Bitstamp said that as part of these activities, it intended to increase the number of employees on its US team and increase its customer service staff by 50% by 2021.
Bitstamp CEO Julian Sawyer said that the company started to see increased demand from institutional buyers and U.S. financial institutions in 2020, while saying that most cryptocurrency exchanges were “struggling with uptime and customer support.” He claimed that the exchange’s security, straightforward fees, and infrastructure would give it an advantage over any local competition.
“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,” said Sawyer. “The potential upside for new retail and institutional investors in the U.S. is astronomical.”
Sawyer cited the dramatic increase of the exchange after the pandemic as evidence that Americans would want more access to digital properties. Bitstamp announced that funds under administration for US consumers increased by 281% in Q1 2021, while customer numbers increased by 570% in the first four months of this year relative to the same timeframe in 2020. Furthermore, monthly exchange and deposit operation increased 348 percent in 2021 as compared to the same time in 2020.
The statement comes as Bitstamp’s leadership has changed in the last year. Sawyer, a former Gemini executive, joined the company as CEO in October. Stephen Bearpark, an Amazon veteran and former Barclays finance director, recently joined Bitstamp as chief financial officer, and Sameer Dubey has joined as chief operating officer.