Global digital asset financial service company BCB Group announced on Thursday it has formed a partnership with U.S. fintech Circle. BCB reported that it will be implementing the full range of Circle platform functionality to improve the speed, efficiency, and cost of client payments as well as settlement across select parts of the BCB Group.
“[The partnership] 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 $1.1bn 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.”
Speaking about the partnership, Jeremy Allaire, co-founder and CEO, Circle, stated 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:
“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.”
Founded in 2017, BCB Group claims to be Europe’s leading crypto-dedicated payment services provider and serves some of the crypto industry’s largest clients, including Bitstamp, Coinbase, Galaxy and Kraken.