London-based cryptocurrency broker BCB Group on Wednesday announced the launch of its new prime brokerage solution. The solution was introduced to cater the needs of institutional clients who need OTC best execution for their own accounts and wish to offer cryptocurrency products and services to their own clients.
The cryptocurrency market has seen an influx of massive funds over the years due to the potential of high gains, and thus, BCB Group is aiming its solution at investment managers and hedge funds, including cryptocurrency funds, private banks, family offices, and wealth managers.
The firm’s founder and CEO Oliver von Landsberg-Sadie, a former vice president at Barclays Investment Bank, commented: “We aim to bring the best practices of traditional financial services into digital currency markets, an arena which is both volatile and highly technical.”
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BCB Group’s brokerage service offer their investors access to cryptocurrencies across the spectrum of the asset class by providing infrastructure covering onboarding, execution, settlement, reporting, and custodianship.
Though the sector is unregulated, BCB Group shadows existing regulatory requirements for analogous businesses in traditional financial services. This reduces the investment risks and provides a safe platform to institutions to move their funds, as the firms are compliant with AML and KYC rules along with liquidity management.
The new service of the firm will allow its clients to trade in some of the largest digital assets available in the market – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple. As large funds are involved, the platform will settle the trades on wholesale exchanges, principal, and agency OTC desks. Moreover, the broker will maintain its own order book to facilitate the trades.
To attract clients from across the globe BCB Group is providing crypto trading against 23 fiats including major currencies like GBP (for all onshore clients), EUR, and USD.