One of the world’s first crypto exchanges, Bitstamp, which is based out of Luxembourg, revealed in a statement that it would be soon expanding its operations and services to the American crypto market.
The development follows exponential boost for the platform in the US markets, with a whopping 570 percent increase in its American customers base since 2017. Not only that, Bitstamp saw an impressive 300 percent increase in client activity and the use of the platform’s app, as well as a staggering three-fold surge in American assets under management.
The company states that it is working on a comprehensive strategy that includes building key partnerships, establishing the infrastructure, and most importantly, hiring American talent and exploring the potential growth of its institutional derivatives and custody offerings. While talking in an interview, Hunter Merghart, the head of the American Bitstamp, said,
We have been operating [in the US] for a while now but we’re just doubling down on those efforts with continued headcount, investment and infrastructure and product roadmap that is a little bit targeted towards both, US retail and institutional clients.
Meanwhile, experts suggest expanding its presence in the US would be easy, primarily because of already established ties and the needed infrastructure. Besides that, the core hardware and software on which the platform is built is quite similar to that of NASDAQ’s, giving it the ability to match the speed of American markets.
Previously, the experienced crypto exchange firm had recorded a daily trading volume of $3 billion and averaged around $1 billion in 24 hours. Plus, as much as 10 percent of Bitstamp’s assets under management come from the US. Also, its close ties with the prominent crypto innovator, Silvergate, is likely to assist its efforts.