Bitstamp European Services To Launch In 2024

Key Points:

• Bitstamp is in talks with three major European banks to offer Bitstamp European services.
• The move comes as part of the European Union’s cryptocurrency regulatory initiative, MiCA.
• The exchange also saw increased demand for a fully regulated perpetual swap product in Europe.

According to CoinDesk, Bitstamp, a prominent cryptocurrency exchange, has announced its ongoing negotiations with three major European banks to facilitate Bitstamp European services, with plans to launch these services in 2024.

Bitstamp European Services Will Be Deployed Through Partnership with Banks

The Bitstamp European services deployment stands in sharp contrast to the United States, where stringent regulatory measures have left traditional financial institutions hesitant about entering the crypto space and prompted some crypto firms to explore relocation options.

Robert Zagotta, Bitstamp’s Global Chief Business Officer and US Department CEO, shared insights in an interview with CoinDesk, highlighting the role of the European Union’s major cryptocurrency regulatory initiative, the Markets in Crypto-Assets (MiCA), in creating a supportive environment for traditional financial entities to venture into the digital asset domain.

“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. I think first quarter-ish we will be able to announce,” Zagotta disclosed.

EU Regulation Opens Doors for Traditional Finance in the Crypto Industry

Bitstamp, which obtained a BitLicense from the New York Department of Financial Services in 2019 and undergoes regular audits by EY, has also witnessed rising demand for a fully regulated perpetual swap product in Europe. The exchange has been actively developing this offering to meet market demand.

It’s important to note that Bitstamp recently discontinued its staking services for US customers, citing a complex regulatory landscape as the reason behind this decision, further underscoring the contrasting regulatory environments between the US and Europe in the cryptocurrency industry.

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