BCB Group Goes Live With Corda-Based Digital Asset Shared Ledger for Institutions

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

BCB Group Goes Live With Corda-Based Digital Asset Shared Ledger for Institutions

August 3, 2019

BCB GroupCryptocurrency broker BCB Group has gone live with DASL, a Corda-based digital asset shared ledger for financial institutions that mitigates the business risks involved when handling digital assets, including cryptocurrencies. BCB will be the first to provide prime brokerage services for digital assets on Corda Network.

DASL – The Digital Asset Shared Ledger – was developed by LAB577 and will allow BCB Group to offer a diverse range of products for the financial services value chain including onboarding, business accounts, payment services, and OTC trading.

Crypto brokers can use DASL to join and use the Corda Network, an underlying universal network which enables interoperability between nodes across separate business networks, applications, and processes. BCB Group’s implementation of LAB577’s technology supports the mission of being a market-leading provider of liquidity, pricing, trade execution, transparency and control across the entire trade cycle.

Oliver von Landsberg-Sadie, Chief Executive Officer at BCB Group, commented:

“One of the greatest barriers to entry for financial institutions in digital asset markets is the uncertainty stemming from settlement and security risks. We identified LAB577’s Corda-based DASL solution as the most robust and credible way forward for trading and payments that
not only mitigates those risks but also provides a scalable framework for the much more sophisticated financial instruments which lie ahead.”

Richard Crook, Chief Executive Officer at LAB577, said:

“LAB577 are delighted to have helped BCB be the first digital asset prime brokerage on to Corda Network. DASL, built on Corda, provides institutions the ability to re-imagine how value is moved and managed. Creating new markets for previously illiquid assets and reducing risk and cost using digital assets.”

David E. Rutter, CEO of R3, added:

“We’re confident that tokenisation has potential to make rapid improvements to the way markets operate. BCB Group’s work is making a significant contribution to this by setting up key brokerage
infrastructure, making these nascent markets more appealing to investors. The Corda platform is the ideal home for these next-generation markets, offering the highest levels of privacy and security, allowing businesses to transact seamlessly with robust governance.”

DASL’s shared ledger facilitates ledger and settlement services integrated into fiat banks and digital asset custodians, thus providing high-speed bi-lateral transactions with full privacy between
parties. Financial institutions can now use digital assets from primary issuance and secondary trading through to clearing and settlement.

The third wave blockchain technology allows ETH and ERC-20 tokens to be traded on Corda Network following the integration of the Ethereum network with Corda.

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