BitStamp, the longest standing cryptocurrency exchange will soon offer funding denominated in British pounds.
It’s partnering with crypto brokerage, BCB Group, to allow users to deposit and withdraw funds in GBP. The exchange is Europe’s largest exchange company as well.
BCB was able to set up segregated client accounts for Bitstamp, this was achievable as a FCA-regulated payments and “e-money” institution. The feature is set to roll out by the end of the year, according to a statement.
This move follows Coinbase, Kraken, and the UK firm Coinfloor as it offers GBP processing.
A BCB Group representative has this to say:
“it is more reasonable to have a robust channel for deposits and withdrawals in this currency, since there is more institutional urge from GBP, more cryptocurrency liquidity stations are trading in GBP.” Before now from my own point of view, Bitstamp has concentrated on the EUR and USD markets due to their greater depth of liquidity versus GBP.”
“We value This partnership is important to us of which we value a lot and as such enables UK clients to transact with Bitstamp onshore, instead of sending funds offshore,” by Oliver von Landsberg-Sadie, BCB Group CEO, in a statement.
Furthermore, Bitstamp said “previously that UK customers had to make a deposit to our bank in EUR or USD rather than their native fiat currency.”
- Bitstamp CEO Nejc Kodrič sees this development as another dimension to expansion on its payment rails to its global customer base and does not entail that the company will be adding GBP trading pairs.
Actually , the firm already do support international bank transfers in Australian dollars, Swiss francs and Japanese yen but these funds are converted to either USD or EUR.
According to Bitstamp representative. The feature was under development for 5 month.
Credits: Daniel Kuhn
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