BCB Group, a company that connects crypto firms to the traditional banking system, is speeding up its plans to introduce US dollar capabilities to address the gap created by the closure of Silvergate Exchange Network (SEN), according to CEO Oliver von Landsberg-Sadie. BCB, which was the first crypto company to receive a payments license from the UK's Financial Conduct Authority, currently offers fiat-to-crypto services for currencies such as sterling, euro, Swiss franc, and yen in Europe to institutional clients such as Bitstamp, Galaxy Digital, Gemini, and Kraken. The closure of Silvergate has left a gap in the market, prompting regulators to crack down on crypto banking.
BCB's instant settlement network, the BCB Liquidity Interchange Network Consortium (BLINC), is a real-time gross settlement system for euros, British pounds, and Swiss francs, similar to what SEN offered for big crypto clients until recently. BLINC's US dollar component has been in development for a year and is set to launch soon, according to Landsberg-Sadie, who said that he wants to bring it forward as quickly as possible. Unlike SEN and Signature Bank's Signet, BLINC is a multicurrency platform that is not tied to a single credit institution and does not accept deposits. It is a decentralized model that provides onramps to several banks in places like the UK, Switzerland, and Europe.