The longest standing cryptocurrency exchange BitStamp will soon offer funding denominated in British pounds.
The exchange, which is also Europe’s largest, is partnering with crypto brokerage, BCB Group, to allow users to deposit and withdraw funds in GBP. The feature will be enabled by the end of the year, according to a statement.
As a FCA-regulated payments institution, BCB was able to set up segregated client accounts for Bitstamp. This move follows Coinbase, Kraken, and the UK firm Coinfloor to offer GBP processing.
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.
Likewise, a Bitstamp representative told CoinDesk, “previously… UK customers had to make a deposit to our bank in EUR or USD rather than their native fiat currency.”
Though the announcement does not mean the company will be adding GBP trading pairs, Bitstamp CEO Nejc Kodrič sees this development as a way to expand its payment rails to its global customer base. Indeed, the firm already supports international bank transfers in Australian dollars, Japanese yen, and Swiss francs, “but these funds are converted to either USD or EUR.”
The feature was under development for 5 months, according to the representative.
GBP photo via CoinDesk archives.