Bitstamp, which claims to be the world’s longest running crypto exchange, recently announced its “Bitstamp-as-a-Service,” or BSaaS, a fast, cost-effective, and “hassle-free” way for institutions “to enter the rapidly growing crypto market in the U.S.”
The service will provide Fintechs and traditional financial institutions “with simple, efficient, and secure turnkey crypto capabilities to better serve their customers.”
Already an established service in Europe, Bitstamp reportedly “has over 5 years of experience in the software as a service business.” Bitstamp-as-a-Service is “an innovative and simple solution that allows institutions (banks, fintechs, payment platforms, etc.) the ability to onboard their clients into crypto, giving them Bitcoin and digital asset exposure.”
Institutional and retail demand for access to crypto “is at an all time high in the U.S., and BSaaS responds to the growing demand from financial services companies looking to maximize their competitiveness and retain clients.”
With access to Bitstamp’s availability, “regulatory protection, and human-first customer service, BSaaS typically onboards [their] partner financial institutions in a matter of weeks.”
As a complete crypto trading-on-demand solution, Bitstamp-as-a-Service is API led, thus “allowing institutions direct connectivity to access its NASDAQ matching engine.” With Bitstamp’s solution, institutions can “plug and play” Bistamp’s operational services “to suit their business needs.”
Specifically, the service “provides banking-grade technology, market specific and regulatory compliant AML/KYC in addition to custody services for both hot and cold wallets.”
Bobby Zagotta, CEO of Bitstamp US, stated:
“Partners create and own their user experiences and we take care of everything else—from instant liquidity to order matching and custody requirements. People are demanding access to crypto and we want to provide institutions the support they need to join us in the fastest growing segment of financial services.”
As covered last month, crypto exchange Bitstamp hired James Greenwood as Chief Technology Officer. Greenwood is a former banker having worked for both traditional and digital platforms.
According to a statement from the company, Greenwood’s most recent position was as Chief Product Officer at Zand Bank (UAE), where he oversaw the launch offerings of the world’s first combined corporate and retail digital bank. Prior to that, Greenwood was CTO at challenger bank Tandem. He has also worked at Commercial Bank International and was Digital Platform Director at Barclays. Bitstamp says the hire is part of a move to boost its global team while adding new products and services.
Greenwood is expected to establish the vision and scale the technology organization to deliver the next generation of DeFi products. He replaces David Osojnik, who moved into Bitstamp’s Advisory Board. Osojnik’s new role on the Advisory Board is said to reflect the critical role he played in the company’s success, being part of the team that helped Bitstamp become the “first fully licensed virtual currency exchange in the world.”