Bitstamp executives says exchange to partner with three ‘household name banks’ in Europe Bitstamp executives says exchange to partner with three ‘household name banks’ in Europe
Robert Zagotta said that the participating banks will be announced in early 2024.
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Updated: Oct. 10, 2023 at 1:22 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A top Bitstamp executive stated that his crypto exchange will work with three major European banks in an interview on Oct. 9.
Robert Zagotta, Bitstamp’s CEO for the Americas and Global Chief Commercial Officer, said that those partnerships concern the company’s Bitstamp-as-a-service feature.
That feature is a white-label service that allows banks and other companies to offer crypto buying and services through Bitstamp’s established trading platform.
Zagotta explained:
“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 did not reveal the names of the banks that will partner with Bitstamp, but suggested the firm will make an announcement in Q1 2024.
The executive also suggested that Bitstamp has seen increased demand for a fully regulated perpetual swap product in Europe.
Bitstamp is focused on compliance
Zagotta otherwise emphasized Bitstamp’s ability to work within regulations globally. The interview noted that Bitstamp holds a New York BitLicense even as U.S. crypto regulations are driving many companies to leave for overseas markets.
Zagotta also noted that the collapse of FTX has helped Bitstamp attract corporate investors once served by the competing exchange. According to Zagotta, Bitstamp added 36% more corporate customers in Q1-Q2 2023 than in Q3-Q4 2022.
While Zagotta portrayed Bitstamp’s compliance efforts positively, he did not mention certain regulatory changes that have forced the company to reduce its services. Bitstamp has halted Ethereum staking and delisted seven tokens in the U.S. Both policies were seemingly implemented partially in response to actions against Coinbase and Binance.
Bitstamp is a moderately large cryptocurrency exchange: CoinGecko indicates that the platform had a normalized 24-hour trading volume of $79 million on Oct. 9.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
