A high-ranking executive at Bitstamp has revealed that the cryptocurrency exchange is set to collaborate with three major European banks, as disclosed in an interview on October 9th.
Robert Zagotta, who serves as Bitstamp’s CEO for the Americas and also holds the position of Global Chief Commercial Officer, shared that these partnerships pertain to Bitstamp’s innovative feature known as “Bitstamp-as-a-Service.”
This unique feature operates as a white-label service, enabling banks and other enterprises to provide cryptocurrency buying and related services utilizing Bitstamp’s well-established trading platform.
Zagotta elucidated this development, stating, “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.”
Although Zagotta refrained from disclosing the identities of these banking partners, he hinted at an official announcement slated for the first quarter of 2024.
In addition to these partnerships, Zagotta also indicated that Bitstamp has experienced heightened demand for a fully regulated perpetual swap product within the European market.
Bitstamp’s Commitment to Regulatory Compliance
Bitstamp’s commitment to regulatory compliance was highlighted by Zagotta. Notably, Bitstamp holds a New York BitLicense, a significant achievement, especially as the evolving regulatory landscape in the United States has led many cryptocurrency companies to explore opportunities in international markets.
Capitalizing on Competitors’ Setbacks
Zagotta also pointed out that Bitstamp’s recent growth has been amplified by the struggles of FTX, a competing cryptocurrency exchange. According to Zagotta, Bitstamp witnessed a 36% increase in corporate customers during the first two quarters of 2023 compared to the last two quarters of 2022.
Navigating regulatory challenges
While Zagotta emphasized Bitstamp’s positive compliance efforts, he did not address certain regulatory changes that have compelled the exchange to adjust its services. In response to regulatory actions taken against industry giants Coinbase and Binance, Bitstamp made the decision to suspend Ethereum staking and delist seven tokens in the United States.
Bitstamp’s Position in the Market
Bitstamp, categorized as a moderately large cryptocurrency exchange, reported a normalized 24-hour trading volume of $79 million on October 9th, according to data from CoinGecko.