U.S.-based brokerage house Straits Financial LLC will accept bitcoin via payment processor BitPay to become the first U.S.-based Futures Commission Merchant (FCM) to do so.
Straits users will now be able to fund their investment and trading accounts with bitcoin. A boutique brokerage house, Straits’ acceptance of bitcoin will allow users to trade assets such as energy, precious metals, agricultural commodities and stock indexes in the multi-trillion dollar commodities market.
The move is intended to appeal to cryptocurrency enthusiasts, wherein bitcoin will be converted into currencies, via bitcoin payment processor BitPay and digital bank WB21.
Underlining the feature as “the next great step” in the Futures Trading industry, Straits President Joseph Mazurek stated:
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.
A transaction will initially see the bitcoin funds supported by BitPay, whereas WB21 will come in to play by offering real-time rates for currency conversion, which will then be processed via