BCB Group launches institutional cryptocurrency prime brokerage solution
In a sign that cryptocurrency will increasingly be absorbed by mainstream institutional investors and subject to best practice in financial services while regulations are being worked out, is the first cryptocurrency brokerage from BCB Group.
BCB Group is making its infrastructure available to financial institutions to integrate cryptocurrency trading services for retail or institutional clients seamlessly into their own platforms. The solution is aimed at investment managers and hedge funds, including cryptocurrency funds, private banks, family offices and wealth managers.
The launch of BCB Group’s institutional prime brokerage solution, specifically designed to cater to the needs of institutional clients who need OTC best execution for their own accounts and who wish to offer cryptocurrency products and services to their own clients. Aiming to provide seamless infrastructure covering onboarding, execution, settlement, reporting and custodianship, BCB Group’s service enables institutions to offer their investors access to cryptocurrencies across the spectrum of the asset class. For this unregulated asset class, BCB Group shadows existing regulatory requirements for analogous businesses in traditional financial services.
The bespoke service enables clients to buy and sell some of the largest cryptocurrencies including but not limited to Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple XRP. Through its trading platform, trades are brokered through wholesale exchanges, principal and agency OTC desks, and BCB Group’s own client order book. Trades are settled bi-directionally and natively in ZAR (onshore), GBP, EUR, USD, CHF and 18 other currencies.
Founder and CEO Oliver von Landsberg-Sadie, says: “We aim to bring the best practices of traditional financial services into digital currency markets, an arena which is both volatile and highly technical. We want to create better value for individuals and companies, but we also believe in creating value on day one for social causes, so are pledging to direct a percentage of net annual profits to philanthropic causes through our BCB Seed Foundation.”
BCB Group was created building on the technology of retail platform BitcoinBro, and responding to institutional demand for operational best practice in the cryptocurrency market.
By Desné Masie, editorial contributor to FinTech Futures