BCB Group Pioneers BLINC, the First Network to Enable Instant Settlement Across Digital Currencies

By AIT News Desk On Jul 28, 2020

BCB Group, leading digital asset financial services group, announced the launch of 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 the BCB Liquidity Interchange Network Consortium (BLINC). 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%.

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.

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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.

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With a dedicated focus on institutional payment services, BCB Group provides business accounts and cryptocurrency and foreign exchange market liquidity for some of the world’s largest crypto-engaged financial institutions.

Oliver von Landsberg Sadie, BCB Group’s Founder and CEO, commented, “One of the greatest features of the digital age is the ability to build value without borders. BLINC bridges that feature into the fiat currency world in a highly scalable way.”

Chris Aruliah, VP of Banking relations, of Bitstamp added “BLINC is an appealing proposition for Bitstamp, as it enables us to offer our clients a frictionless mechanism to fund their trading accounts.”