BCB Group has partnered with cryptocurrency payment company Circle to enable institutional clients to make fast, cost-effective payments using USDC stablecoin.
BCB Group provides financial services to cryptocurrency firms, as well as major cryptocurrency exchanges including Bitstamp, Coinbase, Galaxy and Kraken. According to the management of the BCB Group, clients from Europe will be able to use USDC cryptocurrency for payments, clearing settlements and custody storage. This will reduce the possible risks that user funds may be exposed to.
USDC is one of the largest stablecoins pegged to the US dollar. It is managed by the Center consortium, which is co-founded by Circle and cryptocurrency exchange Coinbase. Note that on July 1, 2020, the USDC capitalization exceeded $ 1 billion.
Circle CEO Jeremy Allaire said he is seeing growing demand from institutional investors for USD-pegged cryptoassets. The reason for this is the economic actions of the government, which in the near future may lead to high inflation, which is why organizations consider stable cryptocurrencies to be promising. The fact that BCB clients will use USDC for settlements will further contribute to the development of the cryptocurrency market.
BCB Group Director Oliver von Landsberg-Sadie said the partnership with Circle will enable institutional clients to take advantage of the USDC during the booming cryptocurrency industry. He believes that international financial institutions must apply the latest technology to “keep up with the times.” This will ensure faster payments and better customer service.
As a reminder, in January BCB Group’s subsidiary BCB Payments received a payment operator license from the UK Financial Conduct Authority (FCA).