European Banks Find Guidance in Bitstamp as Crypto Confidence Grows
Bitstamp, the oldest cryptocurrency exchange, is actively guiding three major European banks in their crypto endeavors. With plans to roll out their services within the coming year, this initiative by European banks indicates a growing confidence in cryptocurrencies, supported by the European Union’s regulatory framework, MiCA.
MiCA, perceived as a beacon of hope for the traditional European financial sector, evidently paves a smoother path for financial giants eager to venture into the world of cryptocurrencies.
United States vs Europe: A Tale of Two Crypto Climates
While Europe is working on clear cryptocurrency regulations, the scene in the United States tells a different story. Regulatory apprehensions have made traditional American financial institutions hesitant to delve into crypto, prompting crypto-specific companies to consider moving to more welcoming shores like Singapore, Hong Kong, or Dubai.
Over the past few months, significant European banks have approached us. Announcements regarding collaborations are on the horizon.
Robert Zagotta, the Chief Commercial Officer of Bitstamp, highlighted the increased interest they have observed in Europe, particularly regarding their new ‘Bitstamp-as-a-service’ – a comprehensive solution for banks and fintech entities looking to dive into the crypto pool.
Reaping the Rewards of Regulation and Resilience
Bitstamp’s firm stance on compliance has put them in a favorable position, especially following the downfall of FTX and the regulatory hurdles faced by Binance. The first half of 2023 saw a 36% increase in companies collaborating with Bitstamp, a repercussion of FTX’s exit last November and the subsequent market reshuffling. However, Zagotta expressed concern over potential disruptions if a colossal entity like Binance were to face setbacks, emphasizing the industry’s need for stability and parity among its key players.
