Netagio, the first British Bitcoin, gold & Sterling exchange, today announced a partnership with WalPay, the Isle of Man based Payment Services Provider, to secure new banking facilities for Netagio enabling its customers to deposit funds and receive international payments in GBP, EUR and USD, with further currencies to follow.
These new banking facilities, in place from 25 September 2014, are underpinned by European banking partners that are authorised and regulated in accordance with the European Payment Services Directive (2007/64/EC).
In addition, 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.
The UK Bitcoin industry experienced a setback mid-September, when the British banking partners for Isle of Man based Capital Treasury Services Limited (CTS) requested that CTS cease trading with all crypto-currency businesses.
Netagio was both approached by other jurisdictions and also took immediate steps to review a number of industry alternatives to ensure customers’ investments were not only protected, but that they could continue to invest in Bitcoin and trade their positions against gold and GBP on the Netagio exchange.
Commenting on the announcement, Simon Hamblin, CEO of Netagio, said: “Our customers have always been, and will always continue to be, our number one priority. The very day we were informed of CTS’s decision, we began assessing both our dormant and new banking relationship partners, undertaking the necessary rigorous due diligence required.”
Mr. Hamblin continued: “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. WalPay have certainly stepped up to the mark and we have been very impressed by their service and commitment. “
Justin Martin, head of Business Development & Sales of WalPay, said: “The appetite for Bitcoin is not waning and we are thrilled to be working with Netagio to secure new robust banking facilities for their customers today, and also to work on introducing credit and debit card payment functionality in the very near future. ”
He continued: “Our tight trading rules, card security measures and PCI compliant gateway have been specifically adapted to work harmoniously with Netagios’ state-of-the-art secure exchange and crypto vault solutions to maximise consumer confidence in Netagio.”
“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.
“We can see that Netagio are entirely committed to ensuring that their customers’ interests are best protected and that Netagio will continue to play a vital and stabilising role as the industry continues to mature,” Mr. Martin added.
This week, Netagio also announced that the professional services firm, BDO LLP had completed a Bitcoin storage audit review under ISAE 3000, the International Standard on Assurance Engagements.
The first review of this kind in the Bitcoin industry, ISAE 3000 is an internationally recognised standard developed by the International Auditing and Assurance Standards Board (IAASB), to ensure the quality of assurance work, including report verification as well as assurance on corporate governance, internal compliance, and other areas central to corporate responsibility.