Share this article
Bitcoin payment processor BIPS abandons Mt. Gox for Bitstamp
Bitcoin payment processor BIPS has thrown out its traditional exchange provider, Mt. Gox, in favour of Bitstamp.
Updated Apr 10, 2024, 3:08 a.m. Published Jul 26, 2013, 10:58 a.m.
Adding to the strife over at Mt. Gox, payment processor BIPS has abandoned the exchange, instead signing with Bitstamp.
BIPS is a two-year-old payment processor cited by Crunchbase as the largest provider of bitcoin payments in Europe. The Copenhagen-based firm, founded by Kris Henriksen, had been using Mt. Gox to convert between fiat currency and bitcoin. It threw in the towel with Mt. Gox early this week, explaining that the number of sell orders is increasing as merchants embrace bitcoin payments. Mt. Gox continues to be slow processing withdrawals, and is having problems keeping up, BIPS explained.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Henriksen refused to provide statistics about the company's bitcoin processing volumes, or growth rate, other than to say "quite a few," and "very quickly". But it does depend on a steady flow of conversion between bitcoin and fiat currency, he explained.
Dealing with Mt. Gox was becoming increasingly unworkable, he told CoinDesk. Withdrawal times were the biggest bugbear. "In BIPS' case, each withdrawal had a pending period of over eight weeks. This was devastating on BIPS’ fiat buffer, as we process withdrawals in 1 to 5 business days,” he complained. Conversions between bitcoin and fiat currency is a basic business need for a payment processor.
Bitstamp
has promised to do it more quickly, and Henriksen expects this to happen in less than eight weeks.
The news just seems to get worse for Mt. Gox, and better for Bitstamp. The incumbent exchange has been losing market share following a series of technical and regulatory problems that have seen account seizures. This week, trading volumes on Bitstamp climbed above those on Mt. Gox for the first time.
The BIPS defection may be more of a symbolic win for Bitstamp, and unlikely to boost market share significantly for the exchange, though, Henriksen says. “However, in the long run it would probably benefit both of the companies. And as I met the Bitstamp team in San Jose, I am more inclined to trust them than Mt. Gox.”
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bulls beware — BofA Fund Manager Survey flashing contrarian sell signal
Bitcoin could see further declines if traditional markets sharply pull back, or just possibly a broad tumble in stocks could set the stage for a bull run in crypto.
What to know:
- Investor cash allocations fell to a record-low 3.3%, according to the Bank of America's latest Fund Manager Survey, while exposure to equities and commodities reached the highest levels since early 2022.
- Optimism about a soft landing and rising profits pushed sentiment to its strongest point since mid-2021.
- A decline in traditional markets might seem to point to further losses in crypto, but it could also be a bullish signal.
Top Stories
