Bitstamp Unveils British Pound Trading vs Fiat and Cryptocurrencies

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 a transfer-only mode where GBP deposits and withdrawals will open on June 1, 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.

In 2019, Bitstamp partnered with BCB Group, a B2B neobank, to enable investors from the UK to transfer GBP directly to and from their exchange accounts.

Bitstamp, which will soon be celebrating nine years of continuous operations, said GBP trading pairs would 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 is exploring the addition of seven new assets, which include Circle’s Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term 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 Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term Classic (ETC), Paxos Standard (PAX), USD Coin (USDC), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).