
Bitstamp's top executive said in an interview that his cryptocurrency exchange will work with three major European banks.
Bitstamp's CEO, Robert Zagotta, said that those relationships concern Bitstamp's Bitstamp-as-a-service feature.
It is a white-label service that allows banks and other companies to offer cryptocurrency buying and services through Bitstamp's established trading platform.
Zagotta didn't reveal the names of the banks to partner with Bitstamp, but said the firm will make an announcement in Q1 2024.
Bitstamp's CEO said that it has seen an increase in demand for a fully regulated perpetual swap product in Europe.
In addition, Zagotta emphasised Bitstamp's ability to work within regulations globally. Bitstamp holds a BitLicense in New York, even as the U.S. crypto regulations are driving many companies to leave for overseas markets.
The collapse of FTX has also helped Bitstamp attract corporate investors once served by the competing exchange, Zagotta said. Bitstamp, according to Zagotta, added 36% more corporate customers in Q1-Q2 2023 than in Q3-Q4 2022.
Although Zagotta lauded Bitstamp's compliance efforts positively, he did not mention specific regulatory changes that have forced the firm to reduce its services. Bitstamp has shut down Ethereum staking and delisted seven tokens in the U.S. The policies were largely implemented in response to actions against Binance and Coinbase.
Bitstamp, a moderately big cryptocurrency exchange, reported a normalized 24 hour trading volume of $79 million on Oct. 9.