One of the oldest cryptocurrency exchanges, Bitstamp has announced a partnership agreement with the largest online bank Dukascopy, based in Switzerland, for direct transfers of Bitcoin to bank accounts of bank customers.
The agreement between Bitstamp and Dukascopy will allow customers of the latter to make direct transfers in Bitcoins to their bank accounts. Within the partnership framework, Bitstamp took responsibility for converting digital assets into Fiat and back. So, when replenishing the deposit in Bitcoin, the cryptocurrency will be automatically converted into US dollars, which will then be transferred to the client’s account. In the case of withdrawals, the dollar amount will be written off from the bank account, then the funds will be converted to BTC at the current rate and transferred to the wallet linked to the bank account.
“This partnership is aimed at bridging the“ abyss ”between cryptocurrencies and traditional financial instruments. This is another confirmation of the fact that our efforts to comply with legislation in an era of rapid development of the cryptocurrency industry are not in vain, ”said a Bitstamp press release.
Recall that this week another Swiss bank – Falcon Private Bank – also presented support for direct cryptocurrency transfers and storage services for the most used cryptocurrencies within its own digital wallet.
It should be noted that in October it became known that the Belgian investment firm NXMH bought 80% of the capital of Europe’s oldest cryptocurrency exchange, Bitstamp. NXMH belongs to the Korean company NXC, rumors about the imminent transition to its ownership of the Bitstamp exchange went back in April. NXC is also the owner of the Korean Korbit cryptobirth. The founder of Bitstamp said that the site will retain its independence.