On April 9, BCB Group revealed that they had shifted their digital asset custody functions over to Metaco’s custody coordination system.
London-based financial company BCB Group excels in the digital asset industry. They lead Europe in supplying businesses with cryptocurrency-related accounts and trading solutions. Notable clients include Bitstamp, Coinbase, Galaxy, Gemini, Huobi, and Kraken. Services provided by BCB Group encompass payment processing for over 30 currencies, foreign exchange (FX), digital asset trading and liquidity, as well as secure custody of digital assets.
BCB Group was established with the objective of upholding the stringent requirements set by conventional financial organizations as they transition into the digital asset sector. To ensure this commitment, the company is subject to regulation in the UK and Switzerland. The team leading BCB Group brings extensive experience from renowned institutions such as Barclays, Credit Suisse, and Deutsche Bank.
Metaco is a Swiss company established in 2015, specialized in assisting financial institutions in safely managing and processing digital assets. Prior to Ripple‘s acquisition in May 2023, Metaco had gained significant respect, particularly among European banks. Ripple, famous for its blockchain-driven payment solutions, bought Metaco to extend its offerings. Now, Ripple can provide secure digital asset storage and management, which is essential for institutional clients. This acquisition proved advantageous for both parties. Metaco gains access to Ripple’s extensive network and resources, accelerating its growth. Simultaneously, Ripple enters the lucrative institutional finance sector, where secure cryptocurrency solutions are in great demand.
Based on information from a press release obtained by CryptoGlobe, BCB Group has switched from using a third-party technology provider for digital asset custody to Metaco’s platform. This change allows BCB Group to unify their digital asset custody technology under one roof, making operations more efficient and strengthening their dedication to delivering top-notch service.
With IBM’s Cloud Hyper Protect Services backing it up, this partnership between IBM and Metaco aims to enhance both performance and security for BCB Group’s digital asset transactions. By combining forces, they strive to establish a secure environment that not only guards against tampering but also bolsters the reliability and effectiveness of BCB Group’s custody services.
Oliver Tonkin, the co-founder and CEO of BCB Group, expressed this project as contributing to our company’s overarching goal of promoting interaction in the international cryptocurrency community.
“We’re advancing the development of new global financial systems through linking up the crypto industry. This next phase of value transfer requires solid foundations today. Collaborating with Ripple, Metaco, and IBM Cloud is a crucial move towards this goal, allowing BCB Group to keep providing premium services to the digital asset community in a hassle-free, secure, and cost-effective manner. This aligns perfectly with our upcoming authorization from the ACPR and AMF as an E-Money Institution and Digital Asset Services Provider in France, expanding our institutional product range within the European Economic Area.”
Aaron Sears, speaking on behalf of Ripple, underscored the cooperative aspect of this partnership. He stressed that it offers an opportunity for BCB Group to expand their digital asset offerings while maintaining rigorous regulatory and security requirements.
“We’re excited to partner with BCB Group to offer a top-tier digital asset custodian solution. This collaboration allows BCB Group to expand their digital asset services for customers, while ensuring strict regulatory compliance and security measures. A robust and adaptable custody setup is essential for growing businesses in the digital currency market and for promptly meeting regulatory demands worldwide.”
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2024-04-09 13:21