BCB Group's BLINC provides free, instant settlement across multiple digital and fiat currencies
BCB Group has launched BLINC, one of the first real-time payments networks of its kind to allow free, real-time transactions across fiat and digital currencies.
The world’s oldest active cryptocurrency exchange Bitstamp is set to become the first exchange to enable transactions on BLINC, the BCB Liquidity Interchange Network Consortium. This development builds upon accelerating client demand for BCB Group’s platform over the year to end June 2020, with average monthly payment volume growth of 24 per cent.
The network aims to transform traditional payments infrastructure by providing a unified architecture capable of handling instant domestic and international fiat transactions, crypto transactions, cross-currency transactions, security tokens and smart contracts, all provided fee-free within the network.
Using BCB’s proprietary technology, BLINC enables participants to settle instantly in any of the currencies supported, free of charge. BLINC launches with GBP, EUR and CHF support, eliminating the need for conventional payment schemes such as SWIFT and SEPA for transfers between BLINC members. This ecosystem enables 24/7 immediate clearing, reduced operational and settlement risk, simplifies inter-counterparty-settlement reconciliation, has no cut-off times, and addresses scalability issues inherent to blockchain networks.
BLINC is also integrated with DASL, developed by LAB577, which is the leading global digital asset liquidity network for issuers, investors, financial institutions, brokers and administrators, built on Corda. The DASL integration paves the way for this network to expand beyond BCB as well as providing the necessary infrastructure for settling a broad variety of digital assets over the public Corda network.
BLINC is accessible to BCB Group’s business account clients, which currently include five of the world’s top exchanges and market makers, and over 200 digital asset funds, hedge funds, blockchain-based businesses and independent professional traders. Segregated digital asset wallets, client accounts and institutional rates on both FX and fiat-crypto conversion are also available to network participants.
Oliver von Landsberg Sadie, BCB Group’s Founder and CEO, says: “One of the greatest features of the crypto age is the ability to build value without borders. BLINC bridges that feature into the fiat currency world in a highly scalable way. Among the first to benefit from this will be market makers working hard to keep markets efficient through exchanges like our launch partner Bitstamp by solving arbitrage gaps between exchanges faster than ever before. The benefits of efficient markets quickly ripple to the rest of the ecosystem.”
Chris Aruliah, VP of Banking relations, of Bitstamp, adds: “BLINC is an appealing proposition for Bitstamp, as it enables us to offer our clients a frictionless mechanism to fund their trading accounts. The ability to move money instantly in the fast-moving crypto markets is crucial and gives our clients an edge when trading on the Bitstamp platform. We are excited to be working with BCB Group on the launch of BLINC which we believe brings substantial benefits for the entire market.”
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.
Aiming to provide end-to-end integrated infrastructure covering payments, trading and custody, BCB Group’s range of solutions has been developed to cater to the needs of exchanges, market makers, brokers, funds and cryptocurrency startups.