Netagio Partnership Secures European Banking Support, Ends UK Stalemate

UK Bitcoin, gold and sterling exchange Netagio has confirmed its continuation with new banking partners today, effectively escaping pressure from financial regulators earlier this month.

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Netagio Partnership Secures European Banking Support, Ends UK Stalemate

UK Bitcoin, gold and sterling exchange Netagiohas confirmed its continuation with new banking partners today, effectively ending the stalemate following banks' ceasement of financial support earlier this month.

The company announced a partnership with Isle of Man based Walpay to facilitate payment processing, in so doing creating links with European banking services authorized and regulated in accordance with the European Payment Services Directive (2007/64/EC).

Following news earlier this month that Capital Treasury Services was ceasing banking support for Bitcoin entities, Netagio had been searching for an alternative, and after several options were tabled, the Walpay agreement began Thursday.

“We were keen to secure a partner that could not simply address our immediate need for a new banking relationship, but also could partner with us to further enhance our service for customers in the future,” Netagio CEO Simon Hamblin said in a press release issued today. “WalPay have certainly stepped up to the mark and we have been very impressed by their service and commitment.”

The move will ensure the exchange’s continued functionality, as well as open up scope for expansion, which will come first in the form of credit and debit card account funding due in the near future. The press release continues:

“[… ]The partnership with WalPay will soon enable Netagio customers to make credit and debit card payments to their Netagio trading accounts, once the integration has been completed. Any Netagio customer holding a Visa, Visa Electron, Visa Debit, MasterCard, MasterCard Debit or Maestro card will be able to deposit funds with Netagio and trade them against Bitcoin, gold or Sterling at any time.” 

Walpay, another startup enjoying the Isle of Man’s status as a Bitcoin haven, was similarly enthusiastic about the partnership. 

“Our tight trading rules, card security measures and PCI compliant gateway have been specifically adapted to work harmoniously with Netagio’s state-of-the-art secure exchange and crypto vault solutions to maximise consumer confidence in Netagio,” head of business development and sales Justin Martin said, while adding:

“We were impressed by Simon and his team’s rigorous approach to operational controls and compliance, particularly in the important area of anti-money laundering (AML) and Know Your Customer (KYC) requirements.”

Netagio has had a turbulent month, but following news of its successful ISAE 3000 standard audit earlier this week, focus has turned to cementing what seems to be increasing recognition of Bitcoin’s gravitas from the finance industry.

“[…]Any steps we can take to achieve internationally recognized standards and assurances will give further credibility to Bitcoin’s place in financial and retail industries,” Hamblin commented in a statement issued Monday regarding the audit result.

While the battle appears to be over for now, activity concerning propagation and regulatory acknowledgment of Bitcoin is gathering pace in Europe. The Bitcoin Foundation is set to begin working with various national governments on creating a more hospitable environment for Bitcoin amongst the EU’s 500 million residents.

Separately, acquisitions by Danish payment merchant Coinify will see its rollout of multi-currency merchant and consumer tools throughout Europe. A multi-million euro deal with SEED Capital, partly funded by Danish government funds, has seen incorporation of Bitcoin Nordic, as well as intellectual property rights and merchant relationships of Copenhagen-based payment provider Bitcoin Internet Payment System.

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