Bitstamp is set to offer a white-label version of its crypto trading services to banks and fintechs in the U.S., the company announced on Friday.
BittSamp, which was founded in Europe in 2011, has already been providing what it calls “Bitstamp-as-a-Service” in Europe for several years, as well as to Latin America financial institutions.
“Banks and fintechs are in catch-up mode; their customers are demanding ways to trade crypto,” said Bobby Zagotta, the CEO of Bitstamp US, in an interview with CoinDesk at the Bitcoin 2022 conference in Miami.
The service is built on Bitstamp’s existing technology stack, allowing companies to access the exchange’s Nasdaq matching engine, giving the service scalability and reliability. It also provides market specific and regulatory compliant anti-money laundering (AML) and know-your-customer (KYC) features, as well as custody services for hot and cold wallets.
“It’s a matter of weeks, rather than months, to set this up for customers,” noted Zagotta.
Julien Sawyer, Bitstamp’s global CEO, said he thought the SaaS business could eventually become as large as one third of the company’s revenues, with the rest split evenly between fees garnered from its retail and institutional customers.
“We think it will be a significant part of our business,” Sawyer said.
Read more: Bitstamp Founder Loses UK Court Bid to Prevent New Owner Buying His Shares
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