BCB Group is a leading financial services provider in the digital assets space. On July 27, 2020, the company announced the launch of BLINC. The BLINC network makes history for being one of the first real-time payment networks that allow for the real-time and free processing of transactions across digital and fiat currencies.
Integration on Bitstamp
The Bitstamp exchange, which is the oldest continually operating crypto exchange, will be the first to enable transactions on BLINC (BCB Liquidity Interchange Network Consortium). The BLINC network builds upon the growing demand in the payments sector. According to BCB Group, year to end June 2020 saw average growth in payment volume of 24%.
The BLINC network is designed to transform the global payments infrastructure by offering users a unified architecture that can process international and domestic transactions in fiat and crypto. Additionally, BLINC supports security tokens, smart contracts, and cross-currency transactions.
BLINC was developed using proprietary technology developed by BCB. It makes it possible for users to make instant settlements using any of the supported currencies at no cost. The BLINC network will launch with support for CHF, EUR, and GBP. It will eliminate the need to use traditional payment networks such as SEPA and SWIFT for BLINC participants.
The ecosystem will operate 24/7 and it will support immediate clearing while reducing settlement and operational risk. Besides that, it simplified inter-counterparty settlement reconciliation. Additionally, the BLICN network has no cut-off times. It also effectively deals with the scalability issue faced by blockchain networks.
BLINC is also integrated with DASL that was developed by LAB577. DASL is built on Corda and it is a leading global digital asset network for investors, issuers, brokers, financial investors, and brokers. BCB Group focuses on institutional payment services. The group offers crypto and forex market liquidity as well as business accounts for some of the biggest financial firms engaged in the crypto sector.
Industry-leading digital asset custodians and banks back the BLINC network. Besides that, it offers market-leading rates for FX conversations. With time, BCB Group plans to offer institutional spreads on fiat-crypto conversions. Additionally, the BLINC network offers users segregated client accounts in fiat and segregated digital asset wallets. Aside from Bitstamp, the BCB infrastructure is trusted by some of the largest companies in the digital asset markets such as BitPay, Galaxy Digital, Nexo Finance, Binance, Coinbase, and many others.
What the Leadership Team Had to Say
According to Oliver von Landsberg Sadie, the BCB Group CEO, one of the greatest features of the digital era is the ability to create value without borders. He said that BLINC would bridge that feature into the fiat world in a highly scalable manner.
When discussing their BLINC integrations, the VP of Banking relations at Bitstamp, Chris Aruliah, said that BLINC was an appealing platform for the exchange. He said it would enable them to offer their clients a frictionless mechanism to deposit funds into their accounts.
The launch of the BLINC network is a good move for the mass adoption of crypto. It will make it easy for people from any part of the world to move their crypto and fiat. The integration into Bitstamp will help to demonstrate the potential of the network.