BCB Group Raises $4.5m in a Strategic Funding Round Co-Led by North Island Ventures and Blockchain.com Ventures
London, 2 March 2021 – BCB Group, Europe’s leading provider of business accounts and trading services for the digital asset economy, announced today that it has closed a $4.5m strategic funding round co-led by North Island Ventures and Blockchain.com Ventures, with participation from Pantera, L1 Digital and Pack Capital.
BCB provides accounts and payments processing for the world’s largest digital asset institutions including Bitstamp, Coinbase, Galaxy, and Kraken, in dozens of fiat and cryptocurrencies. BCB Group is the only dual regulated institution to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place.
BCB has enjoyed 19x volume growth over the last twelve months. In February 2021 alone, BCB processed over $4bn in payments and trades in dozens of currencies across the world.
The proceeds of the round will be used to fund investments in several new initiatives including BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset; BCB Yield Accounts, a product offering our clients a return on their positions; and BCB Wealth Partners, a comprehensive crypto service for private wealth clients.
BCB Group Founder and CEO Oliver von Landsberg-Sadie commented: “There’s so much more we want to offer our clients, and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
Samuel Harrison from Blockchain.com Ventures commented: “Access to banking services and the disconnect between fiat banking and core crypto services has been a longstanding pain point for blockchain companies. BCB addresses a large and growing need with their holistic service offering, which industry leaders have grown to now rely on”
Franklin Bi from Pantera said: “As a new financial system continues developing around digital assets and decentralized finance, its leading companies and projects will need dedicated payments and banking services. BCB Group has built a set of financial products natively designed for the blockchain-powered economy and we’re excited to help them accelerate their offerings.”
Travis Scher from NIV added: “The crypto industry is seeing tremendous inflows of institutional capital, yet crypto investors, exchanges, and fiat on-ramp providers still face massive challenges interfacing with the traditional banking sector. BCB has built a full suite of products to smooth the transition to the crypto economy, and we are thrilled to partner with them as they expand.”
BCB Group previously received funding from NKB Finance and a private investor in a $1m seed round in March 2019 which brought in much needed talent in engineering and operations.
Notes to editors
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.
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.
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