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Bitstamp Inks Partnership with Leading Swiss Bank

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Fri, 01/25/2019 - 16:30
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  • Bitstamp’s emphasis on regulatory compliance pays off as the exchange scores a partnership with Dukascopy Bank

Cover image via U.Today
Contents

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.
 

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 The funds can be withdrawn back to their cryptocurrency wallets.

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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.
image
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.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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