Bitstamp to Partner with 3 European Banks to Offer Crypto Services
- Bitstamp is in talks to partner with three European banks that seek to offer crypto services.
- The exchange’s Bitstamp-as-a-service offering has witnessed increased demand in the European market.
- The offering allows banks and firms to use the exchange’s platform to provide crypto services to their users.
- “We are in advanced conversations with three such banks, household name banks in Europe,” said an executive.
Bitstamp, one of the oldest crypto exchanges in the world, confirmed that it is in talks with some of the biggest banking institutions in Europe who are willing to partner up to offer crypto services. Thanks to the Markets in Crypto-Assets Regulation (MiCA) framework approved earlier this year, firms are more open to offering digital asset services to customers.
Bitstamp’s CEO for the Americas and Global Chief Commercial Officer, Robert Zagotta, talked about the potential partnerships in an interview on October 9. The executive noted that the crypto exchange has gotten a lot of attention in the European market due to its new offering, Bitstamp-as-a-service.
This offering is a white-label service that allows banking institutions and other firms to provide their clients with crypto trading and other services while using the platform already established by Bitstamp.
“In the last six to nine months, we’ve had quite an increase in inbound inquiries about this offering from large European banks … We are in advanced conversations with three such banks, household name banks in Europe,” Zagotta said.
It is important to note that Zagotta did not reveal the names of the banks that have partnered with the crypto exchange. However, the executive did confirm that an official announcement will follow in Q1 2024. Zagotta noted that Bitstamp has witnessed an increased demand for a fully regulated perpetual swap product in Europe.
Interestingly, in the interview, Zagotta noted that Bitstamp also holds a New York BitLicense despite the crackdown on crypto firms and businesses. Unlike the EU, the US, under the Biden administration, has waged a war against the digital asset sector.
The Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) have filed lawsuits against multiple business owners and businesses, while the Commodity Futures Trading Commission (CFTC) has taken up arms against the decentralized finance (DeFi) industry.
As reported earlier by Bitnation, Bitstamp recently announced that it would suspend the trading of multiple altcoins in the United States because of the regulatory crackdown on multiple exchanges.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
