Bitstamp, acquired by Robinhood, has received a Major Payment Institution license in Singapore, allowing it to expand its footprint in Southeast Asia.
Acquisition of License in Singapore
Bitstamp has acquired a Major Payment Institution license in Singapore. This event increases the reliability of the exchange and opens up opportunities for further expansion in Southeast Asia. The current license allows the exchange to participate more actively in the region's financial market.
Connecting with Global Markets
Bitstamp's presence in Singapore is aimed at connecting the region with other markets, including the UK, EU, and USA. With the license, the exchange will be able to offer reliable on-ramps and cashing out, as well as work with multiple currencies and banks. With a current trading volume of nearly $300 million per day, Bitstamp aims to improve liquidity for both major and trending tokens.
Building a Local Team in the APAC Region
Bitstamp will retain its experienced team in Singapore to provide local expertise and work with local projects and platforms. This should strengthen the services and assets offered by the exchange and improve access to the cryptocurrency market in the region.
Gaining a license in Singapore allows Bitstamp to solidify its presence in Southeast Asia, making it an important step towards expanding its influence in the region and increasing the availability of cryptocurrency services.
