Oldest Crypto Exchange Launches ‘Bitstamp-As-A-Service’ in the Philippines
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Editing by Nathaniel Cajuday
- Bitstamp, one of the oldest crypto exchanges around the globe, announced that it will soon launch its white-label service, “Bitstamp as a Service,” to selected institutions in the Asia Pacific Region (APAC), including the Philippines.
- According to Bitstamp, the integration of its white-label service to the different crypto exchanges, investment firms, banks, and payment processors in the region will help them streamline and simplify their digital asset services.
- The said offering also covers services such as order matching, liquidity for a wide range of crypto markets, regulatory-compliance services such as Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, account reporting, and more.
Citing that over 75% of retail and institutional investors worldwide believe that crypto will become mainstream in the next 10 years, international crypto exchange giant Bitstamp announced that it will launch its white-label service, “Bitstamp as a Service,” to selected institutions in the Asia Pacific Region (APAC).
According to Bitsamp, the integration of the said service is expected to help financial technology and financial services companies streamline and simplify their digital asset services.
Bitstamp as a service in the Philippines
Bitstamp as a Service will also be available in the Philippines and will be directly integrated with local institutions, such as crypto exchanges, investment firms, banks, and payment processors.
“As more and more Filipinos participate in the digital assets ecosystem and have a need to transact with cryptocurrencies, institutions serving this demand must create a safe and secure environment for the local market to flourish. As the first crypto exchange to be regulated in Europe, we provide a solid track record that firms building for the Filipino community can trust. Bitstamp currently holds more than 50 licenses and registrations globally, and continues working with regulators in the APAC region as part of our compliance forward approach to making crypto secure for all,” said Leonard Hoh, APAC General Manager of Bitstamp.
Accordingly, customers of fintech institutions will be able to choose from Bitstamp’s three plug-and-play service tiers. The said offering covers services such as order matching, liquidity for a wide range of crypto markets, regulatory-compliance services such as Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, account reporting, and more.
What is Bitstamp as a Service?
According to the crypto exchange, Bitstamp as a Service is a solution that enables financial institutions to rapidly develop a retail offering without needing to build out technology or compliance infrastructure or acquire specific licenses.
The client tiers are Exchange; Exchange Plus; and Exchange Complete, with each tier of its service providing a number of core building blocks. Its highest tier, Exchange Complete, is designed as an end-to-end solution that adds KYC/AML operations for customer onboarding and access to Bitstamp’s global license network.
Moreover, Bitstamp as a Service also claimed to provide its clients with the ability to integrate this infrastructure with their existing customer apps, which will further allow them to “continue to grow their customer relationships and control the user experience with the fastest path to market.”:
“Clients trust in our ability to deliver a safe and secure solution because our success as an infrastructure provider has been tested over multiple cycles. As the market matures, we are seeing greater demand for more integration options and third-party risk management.”
For further flexibility, it noted that clients can choose from the exchange’s infrastructure stack of 15 banking partners to match their operational needs.
What is Bitstamp?
Established in 2011, Bitstamp is one of the first global crypto exchanges to be established. It allows trading between fiat currency, bitcoin, and other cryptocurrencies such as ALGO, XRP, Ether, Litecoin, Bitcoin Cash, XLM, Link, OMG Network, USD Coin, and others. Currently, the firm holds more than 50 licenses and registrations globally.
“It was the only crypto exchange among more than 130 CEXes (centralized exchanges) to consistently receive an AA rating in CryptoCompare’s four surveys in 2022 — a testament to Bitstamp’s commitment to making crypto investing secure for all,” a statement read.
The survey mentioned by Bitstamp was part of its 2022 study, which found that 81% of fintech firms believe digital assets should be part of a portfolio.
“Recent events in the industry have placed new emphasis on good business practices and compliance credentials that necessitate a package of operational controls. Moving into 2023, this will foster stronger partnerships and delivery of quality offerings to serve the next wave of mainstream adoption,” Hoh concluded.
This article is published on BitPinas: Crypto Exchange Bitstamp Launches ‘Bitstamp-As-A-Service’ in Asia Pacific, to Provide Crypto Market to Bank Partners
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.