Bitstamp eyes partnerships with three major European banks

ByBitcoin21

Nov 3, 2023

  • Bitstamp says three “household name” banks in Europe are looking to offer crypto services.
  • The crypto exchange expects deals as early as first quarter 2024 for services related to its Bitstamp-as-a-Service solution.

Bitstamp is reportedly in talks with several major European banks as it looks to position itself ahead of the rollout of the region’s MiCA rules.

The cryptocurrency exchange is looking to tap into partnerships with the banking institutions to expand its crypto services and products, according to a report published by CoinDesk. It’s news that comes not long after Bitstamp halted Ether (ETH) for US customers amid an unfriendly regulatory environment.

Bringing financial firms to crypto

Per details of the talks, Bitstamp wants to explore the clarity provided via the MiCA laws to bring crypto to more people via three of Europe’s largest banks. The expectation is these firms will begin to offer crypto services to customers in the first quarter of 2024.

According to a senior executive at Bitstamp, the EU’s comprehensive crypto regulatory framework has market players confident. Meanwhile, traditional financial companies are increasingly warming up to digital assets.

Robert Zagotta, global chief commercial officer and CEO of Bitstamp US, says there’s been increased inquiries about the exchange’s Bitstamp-as-a-service solution. The on-demand crypto solution provides for a simple way for banks, fintechs, and payment platforms among other traditional firms to enter the burgeoning crypto space, thereby extending exposure to the new asset class to their clients.

Zagotta said Bitstamp is currently engaging three “household name banks” across Europe. While he did not disclose further details about the firms, he noted that the exchange will make official announcements early next year.

Bitstamp’s big move comes as banking giants like Deutsche Bank and HSBC have in recent months alluded to greater demand from customers for exposure to Bitcoin and other cryptocurrencies. In September, Deutsche Bank partnered with Swiss crypto firm Taurus in a deal that is targeted at providing custody services for digital assets and tokenized financial instruments to institutional clients.

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