Straits Financial LLC has announced that it will be the first U.S.-based Futures Commission Merchant (FCM) to accept bitcoin deposits via payment processor BitPay with digital bank WB21 as proxy for commodities like energy, metals and stock indexes.
According to the reports by Financemagnats.com, Straits is partnering with WB21, where users can fund via bitcoin and then send the WB21 money to their Straits trading account.
“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,” Joseph Mazurek, President of Straits Financial said.
The service by WB21 and BitPay will allow bitcoin enthusiasts to rely on Straits infrastructure in order to trade and manage risks in products belonging to multi-trillion dollar markets like energy, agricultural products, stock indices and precious metals among others.
“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,” Michael Gastauer, CEO of WB21 said.
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).
