BCB Group Partners with Circle to Answer Growing Institutional Demand
BCB Group, the global digital asset financial services group, and Circle Internet Financial Ltd., a leading global financial technology firm, announced a partnership that will see BCB implementing the full range of Circle platform functionality to improve the speed, efficiency and cost of client payments and settlement across select parts of BCB Group. This furthers BCB’s commitment to being the leading and quickest fiat on/off ramp for rapid USD Coin (USDC) entry/exit in Europe, augmented and enabled by the BCB Business Accounts service.
The partnership announced today will enable BCB’s institutional clients to use USDC for payments, clearing, and custody, helping to mitigate negative rate risk for its customers’ European exposure. With $1.1 billion in circulation as at end July 2020, USDC is believed to be the fastest-growing fiat-currency-reserved stablecoin of its kind and is backed by the CENTRE consortium, co-founded by Coinbase and Circle.
Jeremy Allaire, Co-founder and CEO, Circle, commented: “BCB is an innovative and fast-moving financial services firm that has been at the leading edge of trends shaping the future of the digital assets sector. With institutional demand for digital dollar stablecoins growing rapidly around the world, BCB’s introduction of USDC services will provide clients with a critical piece of market infrastructure that is helping drive significant growth in crypto capital markets.”
Oliver von Landsberg-Sadie, Founder and CEO, BCB Group, added: ‘We are excited to be working with global leader Circle and look forward to bringing to market solutions that offer our clients the benefits of USDC in this period of rapid growth for the industry. As a trusted partner to world-class institutions, we remain committed to delivering industry-leading service, as well as to our shared mission – fostering financial inclusion through technological transformation.’