Bitstamp Unveils British Pound Trading vs Fiat and Cryptocurrencies

There will be four stages to the launch, similar to how Bitstamp launches other cryptocurrency trading pairs on the platform.

Bitstamp, one of the largest crypto platforms in Europe, has announced its plans of supporting a new set of digital and fiat pairs after adding the pound sterling trading against USD, EUR, BTC, ETH, XRP, LTC and BCH.

There will be four stages to the launch, similar to how Bitstamp launches other cryptocurrency trading pairs on the platform. Bitstamp will begin with transfer-only mode where GBP deposits and withdrawals will open on June1, but trading will not be enabled yet. The second phase starts on June 3 and is called “Post-only mode,” during which users can only post limit orders with no matches. The books will be in this mode for a minimum of two hours, therefore, no orders will actually be completed during this stage.

Next, Bitstamp will move to limit-only mode, during which limit orders will start matching but customers will be unable to submit market orders. Finally, Bitstamp will enter full trading mode, during which full trading services will be available for GBP pairs, including limit, market, and stop orders.

Bitstamp will keep users updated on each stage through its website. The upgrades are expected to roll out smoothly starting next week and the exchange would apply zero trading fees through September 1, 2020.

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In 2019, Bitstamp has partnered with BCB Group, a digital asset prime broker, to enable investors from the UK to transfer GBP directly to and from their exchange accounts.

Bitstamp, which will soon be celebrating 9 years of continuous operations, said GBP trading pairs will be available worldwide, except in certain US states.

Bitstamp has had a busy year so far. Most recently it teamed up with the Fidelity-backed crypto-security firm Fireblocks to allow its institutional clients to perform their transactions with just one confirmation. This service, however, is only available to select customers, as both firms are working on adding more clearing and settlement capabilities to those running big bucks.

In addition, Bitstamp plans to add seven new assets, which include Circle’s stablecoin and six others. This set of assets, according to Bitstamp, must be compliant with jurisdictional regulations and local laws, as well as strict technical, safety, and compliance reviews. The assets in view include Basic Attention Token (BAT), Ethereum Classic (ETC), Paxos Standard (PAX), USD Coin (USDC), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).