- BCB Group is speeding up plans to offer U.S. dollar capabilities.
- According to the CEO, BLINC is superior to SEN since it supports several currencies.
To assist fill the void created by the closure of Silvergate Exchange Network (SEN). Payments processor BCB Group is speeding up plans to offer U.S. dollar capabilities, according to CEO Oliver von Landsberg-Sadie in an interview.
In Europe, BCB is headquartered in London. And is the first cryptocurrency company to receive a payments license from U.K. regulator the Financial Conduct Authority (FCA). It provides fiat-to-crypto rails for currencies like sterling, euros, Swiss francs, and yen. Moreover, primarily to institutional players like Bitstamp, Galaxy Digital, Gemini, and Kraken.
The BCB Liquidity Interchange Network Consortium (BLINC) was released in the middle of 2020 as an immediate settlement network. It’s a gross settlement system that processes transactions in real-time for Euros, Pounds, and Swiss Francs. Much as SEN did for large cryptocurrency customers in the US until very recently.
Support Several Currencies
It is worth mentioning that Signature Bank’s Signet in New York City, equal to SEN, is the second biggest network for USD quick settlement. And has the potential to meet part of the demand. Nevertheless, Landsberg-Sadie has announced that a BLINC dollar component has been under development. For the last year and is almost ready for release.
According to Landsberg-Sadie, BLINC is superior to SEN. Since it supports several currencies and is not affiliated with any one financial institution. It was developed for the sole purpose of facilitating payments to a diverse group of financial institutions in the United Kingdom, Switzerland, and Europe. Moreover, he said it was not intended to serve as a depository for customer funds.
