BCB Group Pioneers BLINC, the First Network to Enable Free, Instant Settlement Across Multiple Digital and Fiat Currencies
London, 27 July 2020 – BCB Group, leading digital asset financial services group, today announced the launch of BLINC, one of the first real-time payments networks of its kind to allow free, real-time transactions across fiat and digital currencies. The world’s oldest active cryptocurrency exchange Bitstamp is set to become the first exchange to enable transactions on BLINC, the BCB Liquidity Interchange Network Consortium. This development builds upon accelerating client demand for BCB Group’s platform over the year to end June 2020, with average monthly payment volume growth of 24%.
The network aims to transform traditional payments infrastructure by providing a unified architecture capable of handling instant domestic and international fiat transactions, crypto transactions, cross-currency transactions, security tokens and smart contracts, all provided fee-free within the network.
Using BCB’s proprietary technology, BLINC enables participants to settle instantly in any of the currencies supported, free of charge. BLINC launches with GBP, EUR and CHF support, eliminating the need for conventional payment schemes such as SWIFT and SEPA for transfers between BLINC members. This ecosystem enables 24/7 immediate clearing, reduced operational and settlement risk, simplifies inter-counterparty-settlement reconciliation, has no cut-off times, and addresses scalability issues inherent to blockchain networks.
BLINC is also integrated with DASL, developed by LAB577, which is the leading global digital asset liquidity network for issuers, investors, financial institutions, brokers and administrators, built on Corda. The DASL integration paves the way for this network to expand beyond BCB as well as providing the necessary infrastructure for settling a broad variety of digital assets over the public Corda network.
BLINC is accessible to BCB Group’s business account clients, which currently include five of the world’s top exchanges and market makers, and over 200 digital asset funds, hedge funds, blockchain-based businesses and independent professional traders. Segregated digital asset wallets, client accounts and institutional rates on both FX and fiat-crypto conversion are also available to network participants.
Oliver von Landsberg Sadie, BCB Group’s Founder and CEO, commented, “One of the greatest features of the crypto age is the ability to build value without borders. BLINC bridges that feature into the fiat currency world in a highly scalable way. Among the first to benefit from this will be market makers working hard to keep markets efficient through exchanges like our launch partner Bitstamp by solving arbitrage gaps between exchanges faster than ever before. The benefits of efficient markets quickly ripple to the rest of the ecosystem.”
Chris Aruliah, VP of Banking relations, of Bitstamp added “BLINC is an appealing proposition for Bitstamp, as it enables us to offer our clients a frictionless mechanism to fund their trading accounts. The ability to move money instantly in the fast-moving crypto markets is crucial and gives our clients an edge when trading on the Bitstamp platform. We are excited to be working with BCB Group on the launch of BLINC which we believe brings substantial benefits for the entire market.”
BCB Group: Building on regulatory-first institutional principles
Responding to institutional demand for operational best practice in digital asset markets, BCB Group was created by established thought leaders in finance, regulation and technology. Founded in the UK and developed to encompass key relationships across global financial services communities, BCB Group is well positioned as one of the first multi-jurisdictional regulated cryptocurrency service firms. BCB Group’s executive team have worked for Barclays, Credit Suisse, Deutsche Bank, Investec, Lloyds Commercial Bank, Norton Rose Fulbright, FIS and Sun Life of Canada.
Aiming to provide end-to-end integrated infrastructure covering payments, trading and custody, BCB Group’s range of solutions has been developed to cater to the needs of exchanges, market makers, brokers, funds and cryptocurrency startups.
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About BCB Group
BCB Group is Europe’s leading crypto-dedicated payment services provider, serving some of the industry’s largest clients including Bitstamp, Coinbase, Galaxy and Kraken. BCB Group provides payment services in 20+ currencies, FX, cryptocurrency liquidity and digital asset custody.
BCB Group comprises BCB Prime Services Ltd (UK), BCB Payments Ltd (UK), BCB Digital Ltd (UK) and BCB Prime Services (Switzerland) LLC. BCB Payments Ltd is regulated by the Financial Conduct Authority, no. 807377, under the Payment Services Regulations 2017 as an Authorised Payment Institution. BCB Prime Services (Switzerland) LLC, a company incorporated under the laws of the Swiss Confederation in the canton of Neuchâtel with business identification number CHE-415.135.958, is an SRO member of VQF, an officially recognized self-regulatory organization (SRO) according to the Swiss Anti-Money Laundering Act.
Bitstamp is the world’s longest-standing bitcoin exchange, continuously supporting the crypto economy since 2011. With a proven track record and mature approach to the industry, Bitstamp provides a secure and transparent trading venue to over four million individuals and enables a range of institutional partners to enter crypto markets through their time-proven infrastructure. Whether it’s through their intuitive web and mobile apps or arsenal of industry-leading APIs, Bitstamp is where crypto enters the world of finance.
LAB577 is at the nexus of financial services and emerging technology. Specialists in leading high energy teams to shape and deliver maximum business benefits through emerging technology solutions for financial service institutions – large or small. You dream it and we’ll deliver it. Digital Asset Shared Ledger (DASL) provides a robust, cost-effective and compliant infrastructure for digital capital markets. DASL is part of the product portfolio of LAB577. Visit http://lab577.io/ to find out more.
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