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Bitstamp Announces Partnership with Major Swiss Online Bank

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Bitstamp Announces Partnership with Major Swiss Online Bank

Bitstamp has announced its partnership with major Swiss online bank Dukascopy, according to an announcement published on its website.

The European cryptocurrency exchange will now support Bitcoin (BTC) transactions powered by Dukascopy Bank. Users will now be able to send BTC to their accounts, exchange them to U.S. dollars and trade on the Swiss FX Marketplace. Additionally, customers can transfer their funds back to the wallet in form of BTC. Bitstamp says the new partnership will contribute to the bridging of gap between crypto and traditional finance.

Bitstamp was acquired by Belgium-based investment firm NXMH In October, 2018, which is owned by South Korean NXC Corp. Subsequently after the acquisition, Bitstamp announced it was heading towards a “global expansion.”

Falcon Private Bank, another Swiss bank, recently introduced support for direct transfers and storage of some cryptocurrencies. As of January, the bank supports just four main coins which are Bitcoin, Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

In early January, major Swiss investment bank Vontobel launched a crypto custody solution targeting banks and asset managers, allowing them to offer their clients a number of crypto-related services including digital asset purchases, transfers and storage.

In December 2018, the Swiss city of Zug also nicknamed as the Crypto Valley was ranked the fastest growing tech community in Europe, according to the annual “State of European Tech” report from London-based global technology investment firm Atomico.

Another study carried out by Swiss crypto investment firm CV VC has shown that the number of blockchain firms in Liechtenstein and Switzerland has continued to rise despite “Crypto Winter.”


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