BCB Group Acquires License As An Authorized Payment Processor

The UK-based financial service provider, BCB Group has secured a crypto  license to operate as an Authorized Payment Institution (API) under its subsidiary name as BCB Payment Limited in the United Kingdom. The announcement was made by the press team on January 29th.

The BCB's API business was previously been licensed only in Switzerland.

Deep-dive into the BCB’s API business

According to the UK’s Financial Conduct Authority (FCA) report, API can be regarded as an individual or group individuals are given the authority to operate as a payment institution to offer financial services to companies or individuals. This license acts according to the Payment Services Regulations and guidelines contained in the UK’s Financial Services register.

Securing a license in API business means that BCB Payment Limited can now offer customers all kinds of payment services, crypto trading and custody services within Europe. This is the only officially regulated crypto-related financial institution in the United Kingdom. BCB group has another subsidiary (BCB OTC) operating in Switzerland and officially licensed by Switzerland’s Federal Financial Market Supervisory Authority and supervised by the Financial Services Standards Association.

BCB subsidiaries apply programming interface and integration to its R3’s blockchain, to provide easy interaction between a customer and the platform.

Who are the clients?

Apart from providing companies payment services and trading service, the company also finances startup crypto projects with a well-written agreement. Due to its vast exposure in business, the company is providing payment services to top crypto exchanges in the world. These crypto exchanges are as follows;

Coinbase: Coinbase is the largest crypto exchange in United State offering more than 50 trading pairs to more than 50 million active users. The exchange has close to 970,000 BTC uses BIP 70 payment protocol provided by BCB group.

Bitstamp: Bitstamp is the largest crypto exchange in Europe offers only USD/BTC trading pair. It uses advanced technology in its blockchain ecosystem to offer BTC trading experience to more 40 million active users.

Galaxy Digital: Galaxy Digital is a US-based investment firm that also offers management and assets trading services.