BCB Group To Replace Silvergate, Now Ramps Up USD Capabilities
Key Points:
- BCB Group, a UK-based payments processor for crypto companies, is launching a BLINC dollar component to fill the gap left by the Silvergate Exchange Network (SEN) shutdown.
- Adding USD capabilities is expected to provide a much-needed alternative to traditional banking systems and help crypto companies facing difficulties.
BCB Group, a UK-based payments processor linking crypto companies to the banking system, is accelerating its plans to add USD capabilities following the Silvergate Exchange Network (SEN) shut down, as per Coindesk.
CEO Oliver von Landsberg-Sadie stated in an interview with CoinDesk that a BLINC dollar component has been in the works for about a year and is set to launch soon. The move aims to fill the hole left by SEN and provide continuity to BCB and Silvergate clients.
In Europe, BCB Group offers fiat-to-crypto services for currencies such as sterling, euros, Swiss francs, and yen, catering mostly to institutional players like Bitstamp, Galaxy Digital, Gemini, and Kraken. In mid-2020, the company launched the BCB Liquidity Interchange Network Consortium (BLINC), which is a real-time gross settlement system that provides instant settlement for euros, British pounds, and Swiss francs, similar to what SEN did in the U.S. for major crypto clients dealing in dollars.
BLINC differs from SEN in that it is multicurrency and not tied to a single credit institution. It was purpose-built as a payment institution, providing onramps to a collection of banks in the UK, Switzerland, and Europe. According to Landsberg-Sadie, the funds are 1:1, unleveraged, un-rehypothecated, and always precisely 1:1 with safeguarded funds.
“Silvergate’s troubles started when they allowed long-term bitcoin bets against short-term cash deposits, an impossible position to unwind in 2022’s crazy markets,” he said. “BLINC funds are 1:1, unleveraged, un-rehypothecated, always precisely 1:1 with safeguarded funds.”
The addition of USD capabilities will be a welcome development for crypto companies facing difficulties with traditional banking systems. The move by BCB Group to launch the BLINC dollar component is expected to provide a much-needed alternative to the Silvergate and Signature Bank networks. The decentralized model of BLINC provides greater security and stability for clients, making it a strong contender in the crypto payments space.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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BCB Group To Replace Silvergate, Now Ramps Up USD Capabilities
Key Points:
- BCB Group, a UK-based payments processor for crypto companies, is launching a BLINC dollar component to fill the gap left by the Silvergate Exchange Network (SEN) shutdown.
- Adding USD capabilities is expected to provide a much-needed alternative to traditional banking systems and help crypto companies facing difficulties.
BCB Group, a UK-based payments processor linking crypto companies to the banking system, is accelerating its plans to add USD capabilities following the Silvergate Exchange Network (SEN) shut down, as per Coindesk.
CEO Oliver von Landsberg-Sadie stated in an interview with CoinDesk that a BLINC dollar component has been in the works for about a year and is set to launch soon. The move aims to fill the hole left by SEN and provide continuity to BCB and Silvergate clients.
In Europe, BCB Group offers fiat-to-crypto services for currencies such as sterling, euros, Swiss francs, and yen, catering mostly to institutional players like Bitstamp, Galaxy Digital, Gemini, and Kraken. In mid-2020, the company launched the BCB Liquidity Interchange Network Consortium (BLINC), which is a real-time gross settlement system that provides instant settlement for euros, British pounds, and Swiss francs, similar to what SEN did in the U.S. for major crypto clients dealing in dollars.
BLINC differs from SEN in that it is multicurrency and not tied to a single credit institution. It was purpose-built as a payment institution, providing onramps to a collection of banks in the UK, Switzerland, and Europe. According to Landsberg-Sadie, the funds are 1:1, unleveraged, un-rehypothecated, and always precisely 1:1 with safeguarded funds.
“Silvergate’s troubles started when they allowed long-term bitcoin bets against short-term cash deposits, an impossible position to unwind in 2022’s crazy markets,” he said. “BLINC funds are 1:1, unleveraged, un-rehypothecated, always precisely 1:1 with safeguarded funds.”
The addition of USD capabilities will be a welcome development for crypto companies facing difficulties with traditional banking systems. The move by BCB Group to launch the BLINC dollar component is expected to provide a much-needed alternative to the Silvergate and Signature Bank networks. The decentralized model of BLINC provides greater security and stability for clients, making it a strong contender in the crypto payments space.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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