BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

BCB Group Announces US Dollar Payments to Close Silvergate Gap

BlockNews Team by BlockNews Team
March 7, 2023
in Business, Crypto, Finance, Media
Reading Time: 3 mins read
A A
BCB Group
1
SHARES
13
VIEWS
Share on TwitterShare on Reddit
  • BCB CEO Oliver von Landsberg-Sadie wants a framework for a dollar fiat-to-crypto transaction to release within the second quarter of 2023.
  • BCB is the first crypto firm to receive an official payments license in the UK
  • Landsberg-Sadie confirmed that the BCB payment system is a decentralized type

BCB Group, a UK-regulated payments processor that facilitates fiat-to-crypto transactions for clients, including crypto exchanges Kraken, Gemini, and Bitstamp, is stepping up efforts to add US dollar options to their offering to bridge the gap from the Silvergate Exchange Network (SEN) issues. CEO Oliver von Landsberg-Sadie confirmed in an interview with CoinDesk that the London-based BCB plans to expand its instant settlement network, the BCB Liquidity Interchange Network Consortium (BLINC), within the coming months.

You might also like

Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

The BLINC network offers instant settlements for currencies, including British pounds, euros, and Swiss francs, proving similar services already provided by SEN for large crypto clients transacting in dollars. In contrast, BLINC does not take deposits, nor is it tied to a single credit institution like its predecessors; instead, it provides a decentralized model with 1:1 funds that remain unleveraged and “un-rehypothecated” at all times with sturdy security.

Signature Bank’s Signet has been another top player for USD instant settlement but may be surpassed by BCB Group’s service soon, according to Landsberg-Sadie, who revealed his goal of launching it as quickly as possible to “provide continuity” for business owners impacted by SEN’s recent closure.

If BCB Group adheres to the regulatory laws of each country, especially in the United States, then it would become the most potent third-party payment service in the crypto industry alongside Signature. They may connect banks and decentralized projects in harmony for the betterment of customers seeking more straightforward transactions.

Silvergate Capital: A Quick Rundown

Crypto-based bank Silvergate Capital (SI) has been facing regulation and long-term financial integrity issues. JPMorgan analysts have expressed positivity, saying that Signature Bank will become more crucial in the coming years. With a competition that proved its strong foundation, SI continues to crumble.

Last week, SI shares crumbled to almost 60% after it failed to report its annual filing and additional losses in time. This has left many investors questioning its functionality within the following year. Crypto companies like Circle, Coinbase, Crypto.com, Gemini, Paxos, and BitStamp declared their separation from SI. Meanwhile, MicroStrategy, the most significant corporate holder of Bitcoin, also stated its concerns after a loan from Silvergate which may result in insolvency soon.

Due to the ongoing problems with SI, it cannot meet an extension on March 16 to file its annual report. During a filing with the SEC, SI explained that “recent changes have altered” its time to send the yearly message. The company has sold additional debt securities of around $4.3 billion in loans with the Federal Home Loan Bank of San Francisco.

With SI having a low chance of getting back up, only BCB Group and Signature remain the most vital providers for crypto companies.

Tags: BCB GroupBusinesscryptoSilvergateUK
TweetShareShare

Recommended For You

Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion

by BlockNews Team
March 24, 2023
0
space ID logo

More than 8.4 million BNB tokens were for up for the Space ID token sale Space ID earned $2.85 billion within 48 hours Final allocation will be based...

Read more

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

by BlockNews Team
March 24, 2023
0
coinbase

Coinbase CLO Paul Grewal announced that the company provided details to the SEC about why staking services are not securities Grewal saw the SEC’s perspective on software services...

Read more

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

by BlockNews Team
March 24, 2023
0
metamask

Nigerians can now buy crypto using MetaMask instead of centralized exchanges Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers Nigeria...

Read more

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

by BlockNews Team
March 24, 2023
0
ftx

FTX files for return of $460 million investment funds made to venture capital firm by Sam Bankman-Fried through Alameda Research. When he invested, Sam Bankman-Fried was allegedly in...

Read more

OpenZeppelin Reveals Top 10 Blockchain Hacking Techniques in 2022

by BlockNews Team
March 23, 2023
0
OpenZeppelin

OpenZeppelin's top 10 hacking methods of 2022 serve as a sobering reminder of the value of cybersecurity and the need for ongoing research to make blockchain systems more...

Read more
Next Post
silvergate blockfi

Crypto Bank Silvergate To Return Almost $10M To BlockFi

Related News

Lazarus Group

FBI Confirms North Korea’s Lazarus Group Was Behind The $100 Million Harmony Hack

January 25, 2023
Start-Up-Real-Estate

Overview of Startup Companies Using NFTs for Real Estate

September 3, 2022
Iranian Government Cuts Crypto Miner’s Power

Iranian Government Cuts Crypto Miner’s Power

June 21, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion March 24, 2023
  • Coinbase Argues Software Services Are Not Securities: A Case Against the SEC March 24, 2023
  • Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?