- Bitstamp is discussing with three European banks ahead of its crypto service offering.
- The move is inspired by improving regulatory certainty after MiCA regulations.
The oldest crypto exchange, Bitstamp, is courting three major European banks to offer digital asset services. The latest reports by Coindesk indicate the exchange could start offering crypto services in the first quarter of 2024.
Bitstamp’s interest in Europe reflects an improving regulatory landscape. Europe’s Markets in Crypto Assets (MiCA) has been a crucial step towards enhancing clarity in digital asset regulation.
The exchange’s global chief commercial officer, Robert Zagotta, says interest in Europe has increased with the new Bitstamp-as-a-service offering. The white-label licensing and technology product aims to help fintech and banks interested in crypto. Zagotta adds;
“In the last six to nine months, we’ve had quite an increase in inbound inquiries about this offering from large European banks.”
Zagotta lauds Bitstamp’s buttoned-up approach to governance and regulation. He believes the approach is helping the exchange reap from the catastrophic collapse of FTX and the regulatory woes of Binance. In the first half of 2023, Bitstamp onboarded around 36% more corporations than the same period of 2022.
A Shift From America Amid Regulatory Uncertainty
Bitstamp’s inroads in Europe happen when America grapples with an uncertain regulatory landscape. The entanglements between the SEC and Ripple, and recently with Coinbase, have heightened investors’ concerns. Some large crypto firms are looking at shifting their operations from America to friendly nations like Singapore. Others have obtained licenses to offer their crypto services in Europe. Meanwhile, big European banks such as HSBC have made inroads into crypto.
