Bitstamp, a Luxembourg-based cryptocurrency exchange, has collaborated with major Swiss online bank Dukascopy Bank. The partnership will allow Dukascopy clients to send Bitcoin directly to their accounts where BTC will be converted to USD.
CRYPTO BANKING: We partnered with @DukascopyBankSA, a leading Swiss online #bank, to enable #bitcoin account funding for their clients. Read more: https://t.co/g2dnVgf6xJ #adoption pic.twitter.com/Z4erFf604U— Bitstamp (@Bitstamp) January 25, 2019
Bridging the two markets
As mentioned above, Bitstamp will facilitate the exchange of Bitcoin into fiat currencies (and vice versa). Dukascopy provides online trading services thought the Swiss FX Marketplace. Hence, the clients will be able to participate in this marketplace after converting their crypto to USD. The funds can be withdrawn back to their cryptocurrency wallets.
The exchange doesn’t specify what fees will be incurred. Dukascopy charges a commission for every trade executed on its platform. There is also a standard withdrawal fee of £6.
The maturing industry
The partnership is expected to merge traditional finance with the nascent cryptocurrency sector. In its blog post, Bitstamp points out that it’s primarily the result of their regulatory-centric policies.
Bitstamp is truly a trailblazer when it comes to regulations. It is considered to be the first nationally licensed platform for trading digital assets. On top of that, Bitstamp was the very first exchange to implement KYC across its user base. The old-timer appeared on the market back in 2011, remaining one of the few currently active exchanges from that time.