One of the oldest exchanges in the crypto space recently announced that it would step up efforts to reach more users in the US.
In an announcement from Bitstamp today, the crypto exchange announced that it would launch a marketing campaign in the US to educate private investors about crypto following significant growth in the first quarter of 2021. As part of that effort, Bitstamp planned to triple the number of employees on its U.S. team and its customer support team by 20% in 2021.
Julian Sawyer, CEO of Bitstamp, told Cointelegraph that interest from retail investors and US financial institutions had increased in 2020 while other crypto exchanges were "struggling with availability and customer support." He said the company's security, transparent fees, and infrastructure would give the exchange an edge over any local competition.
"Crypto is the fastest growing segment of financial services and we intend to lead the most competitive financial market in the world: the US," said Sawyer. "The potential upside for new retail and institutional investors in the US is astronomical."
Sawyer cited the significant growth in exchanges during the pandemic as an indication that Americans may want better access to digital assets. Bitstamp reported that assets under management for U.S. users increased 281% in the first quarter of 2021, while the number of clients increased 570% in the first four months of this year over the same period in 2020, while stores and deposits recorded in the In 2021 a monthly increase of 348% compared to the same period in 2020.
The announcement comes after Bitstamp changed its key positions in its leadership over the past year. Sawyer, a former Gemini executive, joined the company as CEO in October. Most recently, Amazon veteran and former Barclays CFO Stephen Bearpark joined Bitstamp as Chief Financial Officer, while Sameer Dubey joined as Chief Operating Officer.