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Second only to Kraken by volume, making it one of the largest cryptocurrency exchanges in the world, Bitstamp has partnered with Masterpayment, the exchange’s new payment service provider. “Not only does this mean faster and more convenient transactions for our customers,” the exchange explained in a quick press release, “we have also been able to slash our fees to 5%.”
Bitstamp Exchange Teams with Masterpayment
In a 22 November 2017 statement from Bitstamp, the company explained its move to a new payment provider: “Masterpayment’s services, which are available in all 4 of our cryptocurrencies and almost 90 countries around the world, will be used to process all of the credit and debit card crypto purchases made on the Bitstamp platform.”
Bitstamp accommodates bitcoin, litecoin, ether and ripple.
Fees Cut by Nearly Half
Transaction fees will drop, according to Masterpayment, from Bitstamp’s usual 8 percent down to 5. As a payment service provider, Masterpayment details how it brings “the regulatory framework of a renowned bank, which provides added value, including payout options in 14 settlement currencies, as well as corporate accounts via the in-house acquiring bank.”
Net1 provides alternate payment systems via its proprietary Universal Electronic Payment System (UEPS). UEPS is mostly geared at unbanked populations using biometrics, and is also used in basic identification, healthcare management, voting, remittances, etc. Net1 is a large player in Africa and Asia, and with its acquisition of Masterpayment, Net1 plans on expanding more in Europe. Net1 is listed on the NASDAQ and this is the company’s first engagement with the cryptocurrency market.
What do you think of giants like Net1 entering the ecosystem? Tell us in the comments below!
Images courtesy of: Wiki Commons, Bitstamp.