BCB Group Partners with Circle to Answer Growing Institutional Demand for USDC Stablecoin Payments, Clearing & Custody
LONDON and BOSTON, Aug. 6, 2020 /PRNewswire/ -- BCB Group, the global digital asset financial services group, and Circle Internet Financial Ltd., a leading global financial technology firm, today announced a partnership that will see BCB implementing the full range of Circle platform functionality to improve the speed, efficiency and cost of client payments and settlement across select parts of BCB Group. This furthers BCB's commitment to being the leading and quickest fiat on/off ramp for rapid USD Coin (USDC) entry/exit in Europe, augmented and enabled by the BCB Business Accounts service.
The partnership announced today will enable BCB's institutional clients to use USDC for payments, clearing and custody, helping to mitigate negative rate risk for its customers' European exposure. With $1.1 billion in circulation as at end July 2020, USDC is believed to be the fastest growing fiat-currency-reserved stablecoin of its kind and is backed by the CENTRE consortium, co-founded by Coinbase and Circle.
Jeremy Allaire, Co-founder and CEO, Circle, commented: "BCB is an innovative and fast-moving financial services firm that has been at the leading edge of trends shaping the future of the digital assets sector. With institutional demand for digital dollar stablecoins growing rapidly around the world, BCB's introduction of USDC services will provide clients with a critical piece of market infrastructure that is helping drive significant growth in crypto capital markets."
Oliver von Landsberg-Sadie, Founder and CEO, BCB Group, added: 'We are excited to be working with global leader Circle and look forward to bringing to market solutions that offer our clients the benefits of USDC in this period of rapid growth for the industry. As a trusted partner to world-class institutions, we remain committed to delivering industry-leading service, as well as to our shared mission - fostering financial inclusion through technological transformation.'
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currency and blockchains for payments, commerce and financial applications. Circle is the pioneer of USD Coin (USDC), the fastest growing, regulated, digital currency backed by US dollars. There are currently over 1.1 billion USDC in circulation and more than $70 billion in online payments have been made with this breakthrough financial technology. Circle was founded in 2013 and operates with offices in Boston, New York, Dublin, and London. Learn more at https://circle.com.
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.
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.
Disclaimer
The information contained in this press release is intended for use and publication by journalists and should not be relied upon by private investors or any other persons to make financial decisions. Furthermore, the material contained herein is for informational purposes only and should not be construed as an offer, solicitation of an offer, or an inducement to buy or sell cryptocurrencies or any equivalents either generally or in any jurisdiction where the offer or sale is not permitted. All of the views expressed about the markets, cryptocurrencies and stakeholders in this press comment accurately reflect the personal views of BCB Group. While opinions stated are honestly held, they are not guarantees and should not be relied on. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This press release may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Past performance in other related cryptocurrencies is not a viable indication of future performance with actual results possibly differing materially from those stated herein. Investments in cryptocurrencies are not currently regulated by the Financial Conduct Authority. Your capital is at risk when investing in cryptocurrencies.
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