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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (196977)	3/6/2023 9:54:06 AM
From: Pogeu Mahone	Respond to of 218043

U.S. dollars? Who needs crypto? lol Crypto Banking Firm BCB Readies U.S. Dollar Payments to Plug Silvergate Gap BCB Group CEO Oliver von Landsberg-Sadie said he hopes to have dollar fiat-to-crypto rails in place and ready to go live early in the second quarter. By Ian Allison Mar 6, 2023 at 4:46 a.m. EST BCB Group founder and CEO Oliver von Landsberg-Sadie (BCB Group) Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Secure Your Seat BCB Group, a payments processor that links crypto companies to the banking system, is accelerating plans to add U.S. dollar capabilities to help fill the hole left by the recently shuttered Silvergate Exchange Network (SEN), CEO Oliver von Landsberg-Sadie said in an interview with CoinDesk. London-based BCB, which was the first crypto company to receive a payments license from U.K. regulator the Financial Conduct Authority (FCA), provides fiat-to-crypto rails for currencies including sterling, euros, Swiss francs and yen in Europe, particularly to institutional players such as Bitstamp, Galaxy Digital, Gemini and Kraken. Banking has been a dicey issue for crypto companies, many of whom see the reinvention of traditional finance as their ultimate goal. Recent collapses and scandals have prompted a scattergun response from regulators in the U.S., and what could be viewed as a kind of choke point operation on crypto banking, at least as far as Silvergate is concerned. BTC$22,416.69 0.07% ETH$1,568.71 0.02% BNB$285.93 1.88% XRP$0.36483775 1.85% APT$11.25 0.75% View All Prices BCB launched its instant settlement network, the BCB Liquidity Interchange Network Consortium (BLINC), in mid-2020. It’s a real-time gross settlement system that does for euros, British pounds and Swiss francs what SEN did in the U.S. until recently for big crypto clients transacting in dollars. It’s worth noting that NYC-based Signature Bank’s Signet, an equivalent to SEN, has to date been the next largest network for USD instant settlement and stands to fill some of the demand. That said, a BLINC dollar component has been in the works for about a year and is getting ready to launch, Landsberg-Sadie said. “Obviously I’m going to try and bring that forward as quickly as possible,” he said in reference to news that Silvergate’s network is no longer running. “I’d like to say it could be live by spring, so we’ll do whatever it takes to make sure those who are stranded by SEN get some sort of continuity given the huge overlap of BCB and Silvergate clients.” The key differences between BLINC and SEN is that the former is multicurrency and isn’t tied to a single credit institution, such as a Silvergate or Signature Bank, Landsberg-Sadie said. It was not designed to take deposits, he added, having been purpose built as a payment institution, providing onramps to a collection of banks in places like the U.K., Switzerland and Europe. “It’s a decentralized model,” said Landsberg-Sadie. “What you have with Silvergate and Signature is a credit institution solution applied to what is primarily a payments problem. Silvergate’s troubles started when they allowed long-term bitcoin bets against short-term cash deposits, an impossible position to unwind in 2022’s crazy markets. BLINC funds are 1:1, unleveraged, un-rehypothecated, always precisely 1:1 with safeguarded funds.” A D V E R T I S E M E N T A D V E R T I S E M E N T Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas. Email address Sign Up By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy. DISCLOSURE Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.