Bitstamp eyes partnership with three major European banks
Bitstamp says three “household name” banks in Europe are looking to offer crypto services. The crypto exchange expects agreements for services related to the Bistamp-as-a-service solution from the first quarter of 2024.
Bitstamp is said to be in talks with several major European banks to put itself ahead of the regional MCA regulations.
The cryptocurrency exchange is looking to partner with banking institutions to expand crypto services and products, according to a report by CoinDesk. The news comes shortly after Bitstamp suspended Ether (ETH) in an unfriendly regulatory environment for US customers.
Bringing financial institutions to crypto
In the details of the talks, Bitstamp wants to explore the transparency provided by the MiCA rules to bring crypto to the masses by three of Europe's largest banks. The expectation is that these companies will start offering crypto services to customers in the first quarter of 2024.
According to a senior executive at Bitstamp, the European Union's comprehensive crypto regulatory framework has market players confident. Meanwhile, traditional financial companies are warming to digital assets.
Bitstamp US CEO Robert Zagota said inquiries about the exchange's Bitstamp-as-a-service solution have increased. The on-demand crypto solution provides an easy way for banks, fintechs and payment platforms, among other traditional companies, to enter the growing crypto space, thereby extending their clients' exposure to the new asset class.
Zagota Bitstamp is currently engaging three “household name banks” across Europe. Although he did not reveal more details about the companies, he said that the exchange will make public announcements early next year.
Bitstamp's big move comes as banking giants such as Deutsche Bank and HSBC have expressed strong demand from customers for exposure to Bitcoin and other cryptocurrencies in recent months. In September, Deutsche Bank partnered with the Swiss crypto foundation Taurus, which aims to offer digital assets custody services and tokenized financial instruments to institutional clients.
