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Bitstamp Announces Planned Support For Seven More Forms Of Crypto

Bistamp stands as one of the largest crypto trading platforms in Europe and has recently announced its plans for further integration of various digital assets. The company plans to incorporate seven new forms of digital assets, including Circle’s stablecoin.

Quick Stipulations Before Further Investigation

However, Bitstamp has made it clear that all of these assets must first stand as compliant with the local laws and jurisdictional regulations. Furthermore, these cryptocurrencies will be subject to strict compliance, safety, and technical review in order to verify its validity.  The assets currently under review are Paxos Standard (PAX), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar Lumens (XLM), USD Coin (USDC), ox (ZRX), as well as Zcash (ZEC).

Through the blog post announcing this move, Bitstamp explained that it was taking these measures in order to complete the company’s mission to support all the digital assets that its customers desire to use. However, it was quick to stipulate that these digital assets must first adhere to the standards of the platform itself, as well as comply with their respective local laws.

Some Restructuring Anticipated

Furthermore, the company stated that its customers would witness signs of engineering work on its platform, saying that it will be part of this exploration process. The engineering will be to make ready for those coins they approve for the platform, it seems. Bitstamp was quick to dismiss any form of hype over the matter, though, stating that the platform will not guarantee that this will bring forth any kind of new listing. They further noted that these actions do not disqualify any other asset from being monitored for possible listing on Bitstamp, as well.

Keeping Things Secure

In recent news, Bitstamp has added BitGo, a blockchain security firm, as a custody provider for the platform. With this, they hope that BitGo will be capable of providing a secure form of storage for their various digital assets. Through working with BitGo, customers will be capable of accessing a qualified custodian service, one that carries $100 million in insurance in case things go South.

The deal gives another boon as well, one that comes with Bitstamp’s US operations. The company has managed to recently secure a BitLicense from the New York Department of Financial Services. The license is somewhat infamous for being one of the hardest crypto licenses to get in the entire US, if not the world, but it allows for BitStamp to access the New York customers.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.