On Tuesday, the Western European based crypto exchange firm Bitstamp revealed that it has sealed the much needed BitLicense; BitLicense a license that enables a specific company to carry crypto related business within the New York City.
Bitstamp was established in 2011, it is the oldest firm that carries its operation for virtual assets in the emerging market. The CEO of Bitstamp, Nejc Kodric stated that the approval from the New York Department of Financial Services allows the company to expand its crypto businesses within the US after operating in European clients.
Nejc Kodric said that the company by its nature is European based one, and by the time, it has been a European centric one. The firm holding a BitLicense is an important factor to accelerate our presence in the US.
Bitstamp is basically the 19th crypto exchange firm to secure a BitLicense. Recently, a year ago, Tagomi Holdings a crypto broker agent has secured the 18th position by holding a BitLicense. However, the firm still aims to serve more than 3 million users. Now it is penetrating the marketplace as the latest institutional marketplaces with regards to cryptocurrencies that is all set to take place online, for instance, Bakkt an intercontinental Exchange and ErisX.
Regardless of the firm’s simple beginning in a garage with only two laptops, the company still continues to qualify various bear market cycles, which is an important advantage of the company that will enable it to fight against its competitors.
BitLicense CEO mentions that the company has not over-expanded; the company carries its lean operations with more than two hundred employees, and we have not reduced our employees, Kodric further stated that we are in the cryptocurrency industry from 2011 onwards and we noticed such kind of cycles even before and have considered them into account. With that experience, the firm has the benefit.
In the month of October, the company revealed that it was owned by the investment firm based in Europe and the cost of the acquisition was not revealed. The deal could be based entirely in cash.
Adding more, Kodric said that the company is still in the phase of creating several levels of improvements to the product offering which includes enhancing the matching engine. The firm had announced in November that it would modify the proprietary matching engine technologies of the company with TRADexpress, the trading program of Cinnober, which will allow the firm to execute orders faster by 1,250 times.
Kodric, during a specific announcement, said:
“Our matching engine will be on par with traditional exchanges in both speed and throughput.”