Cryptocurrency exchange Bitstamp has announced a partnership with major Swiss online bank Dukascopy to enable cryptocurrency funding on the bank’s platform.
Bitstamp will support Bitcoin (BTC) transactions on behalf of Dukascopy Bank. Clients will be able to send BTC to their accounts, convert them to U.S. dollars and trade on the Swiss FX Marketplace.
In addition to that, customers can transfer their funds back to the wallet in form of BTC. Bitstamp believes the new partnership will contribute to bridging the gap between crypto and traditional finance.
The exchange elaborated:
Dukascopy’s clients can now send bitcoins to their accounts and the crypto will be converted to US dollars, which they can use to trade on the Swiss FX Marketplace. Clients can also withdraw funds back to their cryptocurrency wallets in the form of bitcoins.
The decision taken by the bank is in line with its stance towards virtual currencies. Dukascopy became one of the first Bitcoin-friendly banks in Switzerland after some issues experienced with other financial institutions in the country.
Back in 2018, the company shared its plans to launch a newly dedicated crypto gateway and now is being tested.
Bitcoin is currently the only cryptocurrency that is being supported by Dukascopy, “The proceeds of the BTC/USD conversion are credited in USD to the crypto-fundable client account,” the bank added.
In terms of withdrawals, clients will have their USD balance converted to BTC at the exchange rate and the BTC amount sent back to them.