Among the most renowned cryptocurrency exchanges in the European Union, Bitstamp stands tall. In a bold move, Bitstamp has announced that it will be releasing support for British pounds denominated funding before the end of this year. Following a recent partnership between Bitstamp and the BCB group, which is a digital asset brokerage firm, Bitstamp has plans underway to offer its consumer base sterling pond deposits and withdrawals.
This recently announced partnership places Bitstamp in the league of other major GBP processing cryptocurrency exchanges including Coinbase and Kraken. BCB is regulated by the Financial Conduct Authority, FCA that provides financial services enterprise and that has a primary focus of brokerage for financial markets. Bitstamp will be making use of set apart accounts of clients established by BCB.
The partnership will allow British investors based in the United Kingdom to make use of the Bitstamp accounts for direct deposits and withdrawals. The company released a statement to the press, with the group’s founder and CEO saying that the BCB partnership was a move geared towards establishing segue and robust infrastructure for the group’s assets holders and allow them to trade and settle in the framework of compliance.
A BCB spokesperson opined that the partnership was a strategic move by BCB to improve its liquidity channels in the exchange. Previously, BCB supported and offered EUR AND USD as the two markets boast strong and volatile liquidity compared to the British sterling pound. However, with the changing markets arena, the sterling pound is growing to be accepted and offered by quite a large number of cryptocurrency exchanges, and it only makes sense for BCB to make such a move if it is to stay in or ahead o0f competition. This partnership is a step that will go a long way in matching the expectations of the sterling pound clients of the exchange.
While addressing the press, one of BCB’s representatives noted that the sterling pound, GBP, that is the united kingdom customers would have to exchange their pounds into USD or EUR before making a deposit or a withdrawal to Bitstamp exchange account. The whole process of exchanging the pounds to either USD or EUR was both costly and time-consuming, said the representative. The firm supports international bank transfers and accepts even fiat in the form Australian dollars, Japanese yen, and Swiss francs but first requires that these currencies be converted to USD or EUR.
In a statement read by Oliver, the integration of BCB technology tool into Bitstamp will henceforth make it easier for the customer base in the United Kingdom to make transactions with Bitstamp onshore with the native currency support. This is, of course, following the announcement of the partnership.
The Brexit deadline having been delayed until Halloween, 31 October, the partnership comes as a welcomed and favorable steps for customers in the united kingdom.it will allow them to conduct fiat transfers on Bitstamp.it should be noted that the collaboration of Bitstamp and BCB is part of the latter’s global expansion strategy.
Bitstamp has made a series of steps towards actualizing its global expansion strategy. Earlier this year the firm partnered with Dukascopy, an online major Swiss bank. By spring, the firm had acquired and secured BitLicense from the New York Department of financial services. Following the announcement of the partnership between Bitstamp and BCB by the later, there has been no signaling that the platform will add any other GBP trading pairs and it only focuses on talks about the GBP in as far as deposits and withdrawals are concerned. The feature is currently under development, and the United Kingdom Bitstamp platform users and customer base will need to wait with patience for another five months before they can start using the feature.