Bitstamp To Allow GBP Trades with Fiat and Cryptocurrencies
Bitstamp is one of the most famous Cryptocurrency trading channels that has recently unveiled that it will allow GBP trades with fiat and cryptocurrencies,
As per a recent statement made on the occasion of partnering, this European trading platform revealed that now users can deposit and withdraw funds in GBP.
A representative from Bitstamp claimed that the company has concentrated on the EUR and USD markets, as it offers better liquidity. And he also said that since more institutional appetite can be found amongst the GBP clients, it was a great opportunity to have a robust mechanism so that customers can easily make deposits and withdrawals in this currency. The representative also added that Bitstamp is pretty happy with this partnership and announcement, as it will help the clients from the UK to transect on shore rather than having them send the funds offshore.
What’s the news?
As per the new announcement, the users who want to trade in bitcoins and crypto currencies will now be able to trade with GBP. This means they can purchase and sell crypto currencies like Bitcoin, Etherium, and Bitcoin cash by making use of Fiat currency.
The launch for the GBP will be carried out in four stages. Let’s look at the details about each stage:
The new market will enable transfer-only mode. Thus from the first week of June, the transfer only mode will be carried out.
The stage two pertains to post only mode. This means, the users will get the option of posting limited orders. This phase will also be available during the first week of june.
At this stage, no order matching will be enabled. This phase will be carried out for at least two hours and no order by the users will get completed at this phase.
The third stage is called the limit only mode. At this stage, the orders will be matched. But, this stage won’t allow users to submit the market orders.
This stage will be called as the full trading mode. At this stage, users can carry out full mode of trading. Thus, users can trade stop, limit, as well as market orders for GBP orders.
Bitstamp website will keep updating users all about the stage they are at and how they need to perform. Another happy news coming in the way of traders from the UK is that the Bitstamp is offering zero trading fee till September 2020.
The announcement by Bitstamp does not mean that the company will immediately add GBP trading pairs. Instead, it is said to be a development path towards adding its payment rail, so that the company can expand its user base across the world.
The Bitstamp firm already accepts international bank transfers in different currencies like Australian dollars, Japanese yen, and swiss Franc. But, all these funds and currencies are further converted to EUR or USD.
The feature to allow GBP trades with fiat and cryptocurrency was pending for almost 5 months and finally the partnership has been finalized.
Bitstamp boom in 2020
Bitstamp is said to be in boom in the year 2020. It has carried out numerous deals and partnerships this year. At the end of year 2019, Bitstamp partnered with the digital asset giant BCB group. The partnership will help UK traders to transfer GBP directly to and from their accounts. Another major partnership carried out by Bitstamp included pairing up with Fireblock. It is a crypto-security firm. The main task of the firm is to get confirmation for transactions for the institutional investors of Bitstamp. Presently, this service is available for few customers only. Through this partnership, both firms will add clearing settlement abilities to their network.
Celebrations all around
Bitstamp is celebrating its 9th anniversary this year and the new partnership is adding beauty to its anniversary celebration. As per many sources, the GBP market will be available to the Bitstamp clients all around the world. The only exception is that the GBP market won’t be available for clients in the US.
As per latest news, Bitstamp will also add seven more crypto assets in its bag. The new crypto assets that the company is going to add include ETC, BAT, PAX, XLM, ZEC, ZRX, and USDC.
Know about Bitstamp
Bitstamp is a bitcoin exchange and trading company based in Luxembourg. The company allows trading between USD, bitcoins and Crypto currencies. The recent unveiling of partnership meant that now GBP trades will also be allowed for trading in crypto currency. The company carries out businesses in all 28 members in the EU.
The new partnership is making headlines these days as Bitstamp is spreading its wings to cover the global market in terms of trading in Bitcoins and cryptocurrencies.