Bitstamp announced on Friday that it will offer a white-label version of its crypto trading services to banks and fintechs in the United States.
Bitstamp, which was created in Europe in 2011, has already been delivering “Bitstamp-as-a-Service” to European financial institutions for several years, as well as to financial institutions in Latin America. In an interview at the Bitcoin 2022 conference in Miami, Bobby Zagotta, the CEO of Bitstamp US, said, “Banks and fintechs are in catch-up mode; their consumers are requesting solutions to trade crypto.”
The solution is based on Bitstamp’s existing technology stack, which allows businesses to use the exchange’s Nasdaq matching engine, which provides scalability and stability. It also offers market-specific anti-money laundering (AML) and know-your-customer (KYC) features, as well as custody services for hot and cold wallets, all of which are compatible with regulatory requirements.
“Setting this up for consumers will take weeks rather than months,” Zagotta remarked. Bitstamp’s worldwide CEO, Julien Sawyer, believes the SaaS business might eventually account for one-third of the company’s revenue, with the balance split evenly between fees from retail and institutional users.
Sawyer stated, “We believe it will be a substantial component of our business.”
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