Exchange is exploring its institutional custody expansion to boost its customer engagement in the country.
Bitstamp recently partnered with U.S.-based Silvergate Bank to roll out a product offering to U.S. customers.
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.
Bitstamp Surpasses $50 Million in Loan Originations through Silvergate s SEN Leverage prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
April 27, 2021 @ 11:42 am By Samantha Hurst
Bitstamp, a Luxembourg-based cryptocurrency exchange, announced on Tuesday it has surpassed $50 million in loan originations through Silvergate Capital Corporation’s (NYSE:SI) SEN Leverage product.
Bitstamp reported it was the first digital currency organization to offer custody and collateral management though SEN Leverage. The platform has notably brought on a number of institutional customers, including Alameda Research and Amber Group and experienced rapid growth due to strong demand for the offering. At this rate, Bitstamp believes it can originate over $250 million in such loans by the end of 2021.
“SEN Leverage allows institutional customers to trade any asset on-platform with leverage collateralized by bitcoin or U.S. dollars. Through this engagement, Bitstamp custodies and manages the bitcoin used as collateral.”
Bitstamp Surpasses $50 Million in Loan Originations through Silvergate s SEN Leverage prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.