BCB Launches Real-Time Payment Network, BLINC, on Bitstamp for Instant Cash-Crypto Settlement
- Digital assets financial services firm, BCB Group, launches a settlements network, BLINC.
- The platform is already in use on major crypto exchanges, including Bitstamp, Coinbase, and Kraken.
A press release on Monday confirmed the launch of BCB Liquidity Interchange Network Consortium (BLINC) built by the BCB Group. The liquidity platform is a real-time gross payment settlement platform aiming to replace traditional settlement platforms such as SEPA and SWIFT providing an instant fee-free system for the European and Asian regions.
With the BLINC technology, big institutional investors will have their liquidity needs settled, promoting the trading of cryptocurrencies and digital assets. The announcement confirms that Bitstamp, one of the oldest crypto exchanges, will be integrating BLINC alongside 15 other partners.
Traditional settlement systems across the globe are faced with challenges of high fees or slow settlement times. Bank transfers require three days for settlement, and international remittances accrue high costs of the transfer.
BLINC will provide a solution to these problems with an ecosystem providing 24/7 immediate clearing, no downtimes or holidays, trustless counterparty settlements, and is scalable (a problem inherent to inherent blockchains). Speaking on the launch of BLINC, Oliver von Landsberg Sadie, the co-founder, and CEO of BCB Group said:
“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.”
A Clear Path to Institutional payments
BCB Group focuses on institutional payment gateways, providing business accounts, high net worth investors, and currency exchanges with instant market liquidity. Chris Aruliah, VP of Banking relations, of Bitstamp, said the company aims at enabling investors to move large amounts of money instantly, providing a stable crypto market on their exchange. Aruliah further added:
“BLINC is an appealing proposition for Bitstamp, as it enables us to offer our clients a frictionless mechanism to fund their trading accounts.”
BCB Group has partnered with Clear bank in the U.K. and a host of other banks across Europe to enhance their liquidity profile. With banks across the U.S. now legally approved as crypto custodians, after authorization from the Office of the Comptroller of the Currency (OCC), banks are expected to turn to digital assets services. Still, Sadie believes it will take a while. He said:
“I think it may take a little while for this to materialize, but it’s very encouraging, particularly when paired with the news we saw a couple of months ago that JPMorgan would be providing banking services to some U.S. exchanges.”