Good new for Bitcoin and futures traders alike! Straits Financial LLC, announced today it will be the first U.S. based Futures Commission Merchant (“FCM”) to indirectly utilize the services of bitcoin payment processor BitPay Inc. via a partnership with digital bank WB21 Ltd.
As BitPay is not directly integrated with Straits, it’s not officially accepting bitcoin deposits. However, Straits is partnering with WB21, which users can fund via bitcoin and then send the WB21 money to their Straits trading account.
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Headquartered in Singapore, Straits is a boutique brokerage house that offers a full spectrum of derivatives and OTC products, including trade facilitation for physical commodities. Its US subsidiary is a full Clearing Member of the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), the Commodity Exchange (COMEX), CME Clearport, Dubai Mercantile Exchange (DME), New Zealand Exchange (NZX). The WB21 and BitPay services will allow bitcoin users to rely on Straits’ infrastructure to trade and manage risk in the multi-trillion dollar commodities markets in products such as energy, precious and base metals, agricultural commodities and stock indexes.
Straits Financial LLC President Joseph Mazurek remarks: “This is a great next step for Straits and the industry. BitPay and WB21 will help customers to easily convert their bitcoin holdings into currencies that can be used to fund their futures trading accounts and will provide the bitcoin community easier access to an alternative suite of investment options.”
“Bitcoin offers one of the fastest, most secure ways for investors to fund trading accounts, and WB21’s real-time cross-currency conversion just makes this a better option for international trading,” says BitPay Chief Commercial Officer Sonny Singh. “We couldn’t be more excited to be working together with Straits Financial to make bitcoin a fixture in futures trading.”
“Using our real-time bitcoin funding and multi-currency banking system, offers a fast and convenient solution for investors to fund their trading accounts at Straits. We are happy to provide the platform and offer Straits Financial our services,” says WB21 CEO Michael Gastauer.