crypto banking firm BCB GroupCEO of Oliver von Landsberg-Sadie, dollar-crypto system BLINCHe stated that it could be implemented at the beginning of the second quarter.
In an interview with CoinDesk, the CEO told CoinDesk that BCB Group, a payment instrument that connects crypto companies to the banking system, was recently shut down. Silvergate Exchange Network‘Fame ( YOU ) said it is accelerating its plans to add US dollar capabilities to help fill the void left by it. UK regulatory agency Financial Conduct AuthorityLondon-based BCB, the first crypto company to receive a payment license from (FCA) Bitstamp, Galaxy Digital, GeminiAnd KrakenIt provides fiat-to-crypto options for currencies such as sterling, euro, Swiss franc and yen.
Sadie: BLINC Funds are Fully Protected and One-to-One
Banking has been a risky subject for crypto companies, many of whom see the reinvention of traditional finance as their ultimate goal. Recent crashes and scandals have sparked a disorganized response from US regulators and crypto bankingIt created a kind of sticking point.
BCB in mid-2020 BCB Liquidity Exchange Network Consortium (BLINC) He started working on an instant settlement network called the instant settlement network. This is almost the same real-time gross settlement system that SEN until recently used for large crypto clients transacting in US dollars.
Lansberg-Sadie said that the BLINC-dollar component has been in the works for about a year and is preparing for release. Referring to the news that Silvergate is no longer working, the CEO said: “Obviously I will try to get this to market as soon as possible” and continued: “I would like to say that it may be live by spring, so those who are victimized by SEN BCBAnd silvergateWe will do whatever it takes to ensure that their customers achieve some kind of continuity, given that there is a great deal of overlap.”
Landsberg-Sadie, BLINCAnd YOUThe main difference between the two is that the first is multi-currency and Silvergate or Signature BankHe said that it is not affiliated with a single credit institution such as
Lansberg Sadie , this is a decentralized model and continued: “What you have with Silvergate and Signature is a credit institution solution applied primarily to a payment problem. Silvergate’s problems began when they allowed long-term Bitcoin investments against short-term cash deposits, an impossible position to resolve in the frenzied markets of 2022. BLINC funds are 1:1, no leverage, no pledge, always fully protected funds.”
