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.'
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 athttps://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.
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