Huobi, a former ‘big three’ platform, has become the latest cryptocurrency exchange to go live on BLINC, a real-time payments network that allows zero transaction fees across fiat and digital currencies.
Huobi’s integration with the settlement network was made possible through a partnership with London-based BCB Group, which operates crypto-focused startups regulated in the UK and Switzerland.
BLINC, which is an abbreviation of BCB Liquidity Interchange Network Consortium, handles instant domestic and international cross-currency transactions, security tokens and smart contracts. This effectively eliminates the need for mainstream and sometimes costly payment networks, such as SWIFT and SEPA for transfers between BLINC users.
BLINC launches its network with support for GBP, EUR and CHF, which further strengthens the bridge between crypto and traditional finance. It was created and uses the proprietary technology of BCB Group to provide institutional traders with a smooth mechanism to fund their trading accounts.
“Partnering with BCB allows us to offer a European fiat on and off ramping service that we know is in line with the laws of that area, but it also allows our customers in Europe to experience a smooth and hassle-free user experience,” said Ciara Sun, the VP and Head of Global Business at Huobi.
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Institutional Investors Have Their Liquidity Needs Settled
The world’s oldest active cryptocurrency exchange, Bitstamp, was the first exchange to enable transactions on the BCB liquidity platform.
Through its FCA-regulated payment arm, BCB is one of the few options available for cryptocurrency enthusiasts to obtain market liquidity and business accounts. Its unified infrastructure covers payment rails, FX services, and digital assets custody. The group’s sister company, BCB OTC Trading SARL, is regulated in Switzerland to provide over-the-counter liquidity.
As per its blog relating to the announcement, the Seychelles-based exchange said it is taking this step in order to fulfill its mission of supporting all its customers’ desired assets that meet the platform’s standards and comply with their respective local laws.
In addition to local branches, such as Huobi Argentina and Huobi (US), the exchange serves much of the rest of the world through its flagship exchange platform, Huobi Global.