BCB Group, a financial services group working with some of the world’s largest crypto institutions, has announced a partnership with Circle. The partnership will give BCB the ability to integrate Circle’s functionalities, and take advantage of Circle’s native USDC stablecoin. In doing so, BCB Group believes they can improve efficiency, speed, and cost reduction for client payments and settlement across Europe.
How The Partnership Will Benefit BCB’s Clients
The deal between BCB and Circle will make it possible for BCB’s institutional clients to integrate USDC payments, clearing, and custody. As a result, it will mitigate the negative rate risk for BCB customers’ European exposure. This will help solidify the company’s goal of providing seamless on/off ramp USDC transactions in Europe for both entry and exits. The USDC stablecoin services on BCB will be augmented by the group’s business account solutions.
There is around 1.1 billion of USDC in circulation today, and it is believed to be the fastest growing dollar-backed stablecoin. The CENTRE Consortium that was created by Circle and Coinbase backs USDC.
What the Leaders of the Two Firms Had to Say
According to the Circle CEO, Jeremy Allaire, the BCB Group is an innovative financial services company that is at the helm of trends transforming the future of the digital assets industry. He said that BCB’s introduction of USDC services would offer their clients an important piece of the market infrastructure that is driving growth in the crypto capital markets.
While commenting on the issue, Oliver von Landsberg-Sadie, the CEO of BCB Group, said they were excited to be working with Circle. He added that they were looking forward to bringing market solutions that would allow their clients to enjoy the benefits of USDC. The CEO added that as a trusted partner to major institutions, they remained committed to the delivery of the best services. He noted that the partnership would allow them to achieve their shared vision of financial inclusion using technological innovation.
What is Circle?
Circle is one of the fastest growing fintech companies in the world. They make it possible for businesses of any size to take full advantage of digital currency and blockchain technology. By leveraging USDC stablecoin, Circle’s infrastructure allows companies to facilitate commerce, payments, and other financial applications.
USDC stablecoin is a regulated digital coin backed by the USD. While being the fastest-growing stablecoin in the world, USDC is currently the 19th largest digital asset by market capitalization ( $1.09Bn ). Besides that, over $70 million in online payments have been made using the stablecoin.
Who is the BCB Group?
BCB Group is the leading crypto-focused payment services provider in Europe. It works with some of the largest clients in the crypto sector. Some of its main clients are Galaxy, Coinbase, Bitstamp, and Kraken. Its payments services support over 20 currencies. Besides that, the company provides crypto liquidity, FX, and crypto-asset custody. Members from top leadership have worked for firms such as Lloyds Commercial Bank, Credit Suisse, and Barclays.
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