Bitstamp is regarded as one of the oldest cryptocurrency exchanges around. The exchange is highly respected and is based in Luxembourg. Major European crypto exchange Bitstamp has partnered with digital asset brokerage BCB Group to enable direct transfers in British pounds sterling (GBP).
In a statement, BCB Group founder and CEO Oliver von Landsberg-Sadie said that the partnership aligns with the company’s broader aim of providing robust and frictionless services infrastructure “covering compliance, trade execution and settlement and custody for clients wishing to access cryptocurrencies.”
A BCB Group representative said:
“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 more institutional appetite from GBP clients, it makes sense to have a robust channel for deposits and withdrawals in this currency.”
“We value this partnership… because it enables UK clients to transact with Bitstamp onshore, rather than having to send funds offshore,” said Oliver von Landsberg-Sadie, BCB Group CEO, in a statement.
Furthermore, the firm is in the process of making several improvements to its product offering, including upgrading its matching engine. The firm announced in November that it would replace its proprietary matching engine technology with Cinnober’s TRADexpress Trading System, which will enable it to execute orders up to 1,250 times faster.
This month, major United States cryptocurrency exchange Coinbase was reported to have abruptly imposed a minimum deposit amount of 1,000 GBP for UK account holders.
Staff confirmed that the exchange — which had previously allowed U.K. users to deposit fiat funds via the country’s Faster Payments settlement system — had suspended the service, requiring them to transfer funds using SWIFT instead.