European Exchange Bitstamp Partners with Credit Agricole

Today FintekNews is reporting on another big step forward and validation for bitcoin. For those of our readers who have never heard of Bitstamp, it is a European bitcoin exchange. A big one. For those of you who know Bitstamp, read on 'cause this is big news. Bitstamp and Credit Agricole (everybody knows them) are teaming up and partnering on a new service to allow bitcoin to be accepted by investment funds. AWESOME. This affiliation offers a new way to increase capital into funds. Who (who you ask) doesn't want that? This opens a whole lot of new doors to get more AUM. Great read and congratulations on the partnership to all parties.

(Bill Taylor/CEO)

For its side of the deal, CACEIS, the asset servicing branch of the bank, will provide services covering clearing, depositary and custody of bitcoin bought in through the exchange.

The goal of the partnership is to increase capital inflows to new investment funds by providing an alternative funding method in the form of the digital currency. Fund promoters, working with CACEIS as a transfer agent, can start accepting bitcoin for fund subscriptions as soon as Q2 2017, the firms indicated.

Bitstamp CEO, Nejc Kodri?, sees the partnership as a foothold for bitcoin to be used for mainstream, legitimate investment opportunities.

“Bitstamp’s first partnership with a market-leading, asset-servicing bank like CACEIS means bitcoin investments can now be made within fully licensed and regulated framework,” he said.

As bitcoin gains traction, it's easy to see why some investors are picking up interest. In jurisdictions with capital controls, using bitcoin circumnavigates regulatory headaches and streamlines cross-border payments."