Luxembourg-based crypto exchange Bitstamp has announced the former Kraken Chief Commercial Officer Robert Zagotta as its US Chief Executive Officer. According to media outlet Bloomberg, Zagotta will lead Bitstamp in its venture to take on the likes of Coinbase Global Inc (NASDAQ: COIN), and Binance.US.
In a note to Bloomberg, former Kraken executive Zagotta said that he will be working towards more listing on Bitstamp to satisfy more crypto customers. “I want to expand our product offerings, both in terms of assets listed and other value-added products that make life and trading easier for our customers,” Zagotta said.
According to Bitstamp, the number of new customers during the first half of the year got as high as 570%. On the side of assets under management, the firm noted that it experienced a spike of 281% during the first half of the year. A clear testimony of growing demand both in its services and the crypto industry. Furthermore, there has been a notable spike of institutional investors seeking to get cryptocurrency exposure both in their balance sheet and indirect investment.
Before joining Bitstamp, Zagotta has had a notable history in the financial sector. He once worked as a member of the executive team at financial exchange and markets operator CME Group Inc.
CME Group is recognized as a leader in the Bitcoin futures and contract market. As a result, Zagotta gained notable experience that will help him in the new role significantly. Moreover, there has been notable pressure on cryptocurrency exchanges to have a good relationship with regulators amid the bull market.
Bitstamp and the Crypto Market
Bitstamp is one of the leading cryptocurrency exchanges by daily recorded volume according to market analytics provided by CoinGecko. Notably, the firm offers up to 22 coins and 54 pairs to its global customers. As a result, the firm often has an average daily volume of $381 million.
Founded back in 2011, Bitstamp has grown over the years to a respectable crypto institution with reputable security services. Moreover, the crypto industry has been marred with exit scams and hacks as seen with Mt. Gox in the earlier days of Bitcoin adoption.
The firm was acquired by a Belgium-based investment company called NXMH back in October 2018. Over the years, the firm has been acquiring various regulatory compliance stamps from different jurisdictions. As a result, it has seen its services grow to a global scale and attract notable investors.
Bitstamp is venturing into the United States crypto market at a time when the Bitcoin market is experiencing a bear market. Notably, Bitcoin has significantly recovered from trading below $30k and was trading around $32k at the time of reporting.