According to the press release, with this new partnership, United-Kingdom based investors will be able to make GBP withdrawals and deposits instantly from their Bitstamp accounts by the end of this year.
In the press release, Oliver von Landsberg-Sadie, who is BCG Group Founder and CEO stated that the collaboration falls in line with the firm’s broader aim of offering robust and frictionless services infrastructure “covering compliance, trade execution and settlement and custody for clients wishing to access cryptocurrencies.”
BGP Group is aiming to provide over-the-counter execution solutions for exchanges and institutions which are interested in providing crypto-related products and services to its clients.
BCG Group, being an FCA-regulated payment and “e-money” institution, is able to build separate client accounts for Bitstamp. The exchange took this step after Coinbase, Kraken, and UK company Coinfloor started offering GBP processing.
One of the GBP representatives stated:
“In my speculative view, Bitstamp has concentrated on the EUR and USD markets due to their greater depth of liquidity versus GBP. But now that more crypto liquidity venues are trading in GBP, and now that there is a more institutional appetite from GBP clients, it makes sense to have a robust channel for deposits and withdrawals in this currency.”
BCG Group CEO said, “We value this partnership because it enables UK clients to transact with Bitstamp onshore, rather than having to send funds offshore.”
Bitstamp representative said that previously UK Customers have to make a deposit to our bank in EUR or USD instead of their own native currency.
The whole announcement doesn’t indicate that the firm is supporting GBP trading pairs, Bitstamp CEO Nejc Kodrič points to this development as a way to offer its payment services to global customers. Currently, the firm accepts international bank transfers in Australian dollars, Japanese yen, and Swiss francs, however, these funds are converted to either USD or EUR.
Bitstamp is providing services from the last 8 years, and with time, it has spread its online presence all over the world. Belgium based investment company NXMH acquired Bitstamp in October 2018.
In January 2019, Bitstamp has teamed up with leading Swiss online bank Dukascopy, and after this firm has obtained the BitLicense from the New York Department of Financial Services.