London-based financial services firm BCB Group has partnered with Circle to improve speed, efficiency and cost of client payments and settlement across select parts of BCB Group.
The partnership will allow BCB’s institutional clients to use USDC for payments, clearing and custody, helping to mitigate negative rate risk for its customers’ European exposure.
USDC, which is is backed by the Coinbase and Circle prodigy CENTRE consortium, is one of the fastest growing fiat-reserve stablecoins with a circulation of $1.1 billion.
Circle CEO and Co-founder Jeremy Allaire hailed BCB as being an “innovative and fast-moving” financial services company before adding: “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.”
Very excited to announce our new partnership with Circle to answer growing institutional demand for USDC stablecoin payments, clearing & custody
— BCB Group (@BCBcrypto) August 6, 2020
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.”
BCB Group has impressively gone from strength to strength in 2020 despite the uncertain climate stemming from COVID-19. It secured its Authorised Payments Institution licence from the FCA in January before adding strategic partners with a number of top exchanges.
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