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Bitstamp Teams With Servicing Bank To Support Bitcoin Investments Within A Regulated Framework

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Bitstamp Teams With Servicing Bank To Support Bitcoin Investments Within A Regulated Framework

Introduction

This article was posted on Wednesday, 08:47, UTC.

Bitstamp, the bitcoin exchange, is partnering with CACEIS, the servicing bank of Credit Agricole, to allow fund promoters to accept bitcoin investments from retail and corporate clients, opening new opportunities for fund managers, both companies have announced. This allows bitcoin investments to be made in a fully regulated framework.

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Bitstamp brings expertise in providing support to bitcoin investors with bitcoin investments to CACEIS, a European depository and transfer agent.

Service Activates Q2

By working with CACEIS, fund promoters will be able to process fund subscriptions and redemptions in bitcoin when the service activates in the second quarter of 2017.

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“The bitcoin industry is expanding not only geographically, but also in terms of its user base, which is why we are now seeing so many developments in the corporate investment space,” said Nejc Kodrič, Bitstamp CEO. “Bitcoin investments can now be made within a fully licensed and regulated framework.”

Joe Saliba, CACEIS deputy chief executive officer, said interfacing fund promoters with a regulated bitcoin exchange supports their business development objectives.

Momentum Continues

The partnership is the recent in several actions Bitstamp has taken to promote bitcoin.

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Bitstamp last year became the first fully licensed bitcoin exchange in Europe. Bitstamp gained the license to operate as a payment institution across the European Union.

Bitstamp recently announced that after regulatory constraints imposed by the State of Washington, it will cease to serve customers from The Evergreen State, effective Dec. 20.

In a bid to increase its currencies, Bitstamp announced in June that its clients would be able to trade Euros for dollars. It marked the exchange’s entry into the biggest traditional currency trading pair in the foreign exchange market.

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Lester Coleman

Lester Coleman

Lester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments.

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