Nejc KodricМЊ, the CEO and cofounder of Bitstamp. Bitstamp
- Fresh customer sign-ups on the cryptocurrency exchange Bitstamp rose from Ten,000 a day at the begin of to overheen 100,000 by the end of the year.
- The surge corresponded with the yam-sized rise ter the price of bitcoin last year, Bitstamp’s CEO told Business Insider.
- Bitstamp had to hire lots of fresh workers and streamline processes to cope with the influx, its CEO said.
- Rival platforms have closed off fresh sign-ups altogether while they overeenkomst with their backlogs.
LONDON вЂ” Fresh customer sign-ups to the world’s oldest cryptocurrency exchange hopped by 1,000% last year spil the price of bitcoin skyrocketed.
Nejc KodriДЌ, the CEO of the Luxembourg-based Bitstamp, told Business Insider that promedio fresh customer sign-ups rose from Five,000 to Ten,000 a day at the commence of to overheen 100,000 a day by the end of the year.
“At the peak, it wasgoed 137,000 accounts opened” on one day, KodriДЌ said.
“There is a very strong correlation inbetween price and the amount of fresh users. If you look at the graph, you can quickly figure out when it indeed commenced. For us, the entire year wasgoed just escalonado growth up until the last quarter, then it just exploded.”
Bitcoin rocketed overheen 1,500% against the dollar last year, rising from about $440 a coin at the begin of to a peak of overheen $Nineteen,000 te December. The cryptocurrency has since come off its highs, and it crashed to below $12,000 on Tuesday.
KodriДЌ told Business Insider that Bitstamp grew its headcount last year to cope with the sign-up surge, from a “few dozen” to inbetween 150 and 200 staff members. Some teams, such spil onboarding and customer service, grew tenfold.
Even still, KodriДЌ said: “Our team, plus two third-party providers, are still not enough to keep up with the request. Wij are maxing out the capacity that those two companies provide to us and it’s still not enough.”
“All of the exchanges right now have a problem with just the surge ter the massive, massive amount of fresh users,” KodriДЌ said.
Some users on Twitter have complained of sign-up delays of one to two weeks on Bitstamp, but KodriДЌ said the company wasgoed beginning to bring this time down.
“Wij cannot assure that someone will be onboarded that wij would like вЂ” wij cannot onboard somebody ter 24 hours, which is what wij would want to achieve вЂ” but wij are getting there with the improvements wij are making,” he said.
Bitstamp is also dealing with a backlog of customer-service enquiries, KodriДЌ said.
“The profile of fresh users has switched a bit,” he said. “Wij’re getting more mainstream users who are not that savvy with investing. That just brings a mass of support tickets with questions, basic questions. That is clogging the system.”
Bitstamp, founded ter 2011, has Three million registered accounts and 500,000 active trading accounts. The exchange, which is the only licensed podium te Europe, is the 14th thickest ter the world and had a 24-hour trade volume of $320 million spil of Monday afternoon.
Bitstamp has “more than enough internal contant flow to sustain the growth of the company,” KodriДЌ said.
Bitstamp raised ВЈ7 million ($Ten million) from Pantera Caudal ter 2013 and ВЈ1.7 million ($Two.Four million) through a crowdfunding campaign at the embark of .