Bitstamp is coming into the U.S., and it’s bent on finding the best hands in the business to steer the ship. Per a published press release today, the cryptocurrency exchange has announced the hiring of experienced executive Hunter Merghart.
According to the report, Merghart—who previously served as Head of Trading at Coinbase—will head its U.S. operations, a big plus for an exchange moving into a juicy territory like the U.S., which reportedly has the largest number of crypto investors. Merghart’s background in the traditional financial market extends far beyond Coinbase. Before joining the U.S. based exchange as its trading head, he was a Director of Trading at financial services giant Barclays, as well as a Vice President at RBC Capital Markets. He also served as an associate at investment banking company Credit Suisse.
Merghart will reportedly be responsible for launching Bitstamp’s office in New York where he is also expected to be based. Btstamp USA Inc., the United States-based subsidiary of the exchange, was awarded a Virtual Currency License (or BitLicense) from the New York State Financial Services Department (NYSFDS) last month, and it is on full course to launch bitcoin trading services in the state and begin operations.
Speaking on the appointment, Nejc Kodrič, Chief Executive Officer of Bitstamp, expressed his company’s belief that they had made the right choice with the experienced financial executive. In part, he said, “He’s the perfect person to lead our U.S. operations, which includes making sure our retail and institutional investors have a platform and service that is equal to what they would find at any traditional exchange anywhere in the world.”
The company also announced on May 7, that it had implemented a facelift to its website, which will help it to achieve a more user-friendly look and provide a much more seamless experience for its users. Its expansion to the United States is certainly no small feat. As at press time, the exchange is ranked 48 in terms of adjusted volume (according to data from CoinMarketCap), and it will have to weather quite a lot of competition in the country.
Its BitLicense acquisition made it the 19th company to receive the certification, meaning that New York- the city where it will most likely establish its American headquarters- is already flush with crypto activity. However, if any crypto company can withstand competition, then Bitstamp- a company which has soldiered through two crypto bear cycles- should be up to the task.