Today, Kraken announced its partnership with PayCash that allows the Bitcoin exchange to provide both US dollar and Britsh Pound funding to their clients. While trading between bitcoin and USD had already been available on Kraken, USD deposits have been disabled since February 2014. In their press release, Kraken said that they had disabled the USD deposits because their now former banking partners did not have the capability to handle the volume required.
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“Our clients have asked about this since we stopped servicing USD, and we are proud to say we are making good on an old promise,” said Kraken CEO Jesse Powell. “We have spent eight months looking for a strong partner, one with compliance capabilities, regulatory oversight, payments expertise and a technology focus. We have now found the right partner in PayCash.”
This new partnership will not only allow users to once again make USD deposits but is promising to bring a safer and more reliable exchange. PayCash has the needed experience, oversight and infrastructure to provide Kraken and its users with strong banking relationships.
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“Weak banking relationships have unfortunately led to problems for other exchanges where their banking partners close the account without warning,” said Powell. “When you build the kind of solid relationship we have with PayCash, the conflicts are naturally going to be less prevalent.”
Kraken recently underwent an audit, and is the only major exchange to offer a dedicated XBT/GBT order book, making it the leading bitcoin exchange for euro trading. Kraken offers advanced trading tools and full regulatory compliance to traders and institutions. PayCash is a Luxembourg-based Electronic Money Institution that services 28 EU member states and is licensed and regulated by the CSSF. They offer three main services:
- Multi-channel mobile payment platform
- E-Money Services
- Payment solutions for the bitcoin community.
What do you think about Kraken’s partnership with PayCash? Comment below!
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