- This is a London based company with a local license.
- And they already have a BLNC network ready
BCB Group is a British company that services payments in Europe between crypto firms and the traditional banking system. Now they plan to add dollar transactions to their services. About this BCB CEO Oliver Landsberg-Sadie reported Coindesk journalists.
The brand’s decision is quite logical against the backdrop of problems with Silvergate and the suspension of their Silvergate Exchange Network (SEN) payment network. The bank wants to fill the gap and enter the US market.
The BCB brand is licensed by the UK’s national financial regulator (FCA). It has the right to process transactions in cryptocurrency/fiat currencies. Now the London-based company works with the pound, euro, Swiss franc and yen. Its key partners are Bitstamp, Galaxy Digital, Gemini and Kraken.
In mid-2020, the bank launched the BCB Liquidity Interchange Network Consortium (BLINC), an instant transfer payment system. It is based on the real-time gross settlement system in the Eurozone. That is, the system works similarly to the Silvergate Exchange Network (SEN).
The CEO of BCB said that BLNC has been working on the launch of dollar payments for about a year now. And he promised to speed up after the problems with Silvergate. Sadie noted that their system has more advantages – in particular, multicurrency and decentralization.