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Straits Financial Accepts Bitcoin Deposits For Commodities Trading

by on September 12, 2016

Bitcoin is starting to make inroads in just about every part of the financial industry. Straits Financial, a renowned US Futures commission merchant, is now accepting Bitcoin payments. Thanks to BitPay, transactions will be processed in a secure environment. This gives cryptocurrency enthusiasts access to commodities ranging from energy to stock indexes.

Gradually, the number of use cases for Bitcoin continue to increase. Although not everyone may be interested in trading futures, it is another vote of confidence for cryptocurrency in general. Having Straits Financial accept Bitcoin is a significant step forward. In doing so, they become the first US-based Futures Commission Merchant to work with cryptocurrency.

Straits Financial Sees Merit in Bitcoin

To put things into perspective, Moreover, the company is not accepted Bitcoin deposits directly. Instead, they are partnering with WB21, which allows users to fund their balance with cryptocurrency. One done so, they can use that balance to fund their Straits Financial account. There are some hurdles involved, but it is significant news nonetheless.

Straits Financial has made quite a name for itself over the past few years. The company offers a wide range of derivatives and OTC products. Bitcoin users can rely on Straits’ infrastructure to trade and manage risk in a multi-trillion dollar commodities market. Products such as energy, precious metals, stock indexes, and others, will be at their disposal.

Straits Financial LLC President Joseph Mazurek stated:

“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.”

The involvement of BitPay is also very significant. Facilitating the transition from Bitcoin to “regular” commodities is facilitated by this cMoreover, this strengthens BitPay’s position as the world’s leading Bitcoin payment processor. The company sees this news as a “better option for international trading”.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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