BCB Group has launched 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 the BCB Liquidity Interchange Network Consortium (BLINC).
The network provides 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. Participants can 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.
BLINC offers 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.
BCB Group is focused on institutional payment services, and so it provides business accounts and cryptocurrency and foreign exchange market liquidity for some of the world’s largest crypto-engaged financial institutions.
Oliver von Landsberg Sadie, BCB Group’s Founder and CEO, commented: “One of the greatest features of the digital age is the ability to build value without borders. BLINC bridges that feature into the fiat currency world in a highly scalable way.”
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.”
In 2019, the cryptocurrency broker 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 became the first to provide prime brokerage services for digital assets on Corda Network.
DASL – The Digital Asset Shared Ledger – was developed by LAB577 and offers a diverse range of products for the financial services value chain including onboarding, business accounts, payment services, and OTC trading.
In August 2019, Bitstamp and BCB Group partnered to enable investors from the UK to transfer GBP directly to and from their Bitstamp accounts. The service was developed by BGB Group whose range of solutions for exchanges, institutions, and high net worth clients seeking OTC best execution for their own accounts include the GBP service.