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MoonPay Gets Stake In Crypto Business Account Firm BCB Group

MoonPay Gets Stake In Crypto Business Account Firm BCB Group

June 23, 2021 at 02:15AM
by PYMNTS

BCB Group, a business-to-business (B2B) company that provides banking rails to digital currency firms, and digital currency payments platform MoonPay have teamed for a strategic collaboration, Coindesk reported Tuesday (June 22).

MoonPay will get a “sizable” share of BCB Group with their collaboration, Coindesk reported, citing the firms, although particulars of the arrangement involving the two U.K.-headquartered establishments were not made known.

Coindesk said in its report that the firms emphasized that “the arrangement does not fall within the category of M&A [mergers and acquisitions].”

“We’re specialists on the business-to-business side, and they’re specialists in business-to-consumer,” BCB Group CEO Oliver von Landsberg-Sadie said, as per Coindesk. “But the depth of infrastructure that we’re both building is so closely aligned, that we’re now able to service that full B2B2C [business-to-business-to-consumer] chain together.”

MoonPay allows funds to be converted between digital currency and fiat currency and vice versa, offering an application programming interface (API) that handles different anti-fraud and know-your-customer (KYC) mandates.

BCB Group equips companies in the realm of Kraken, Gemini and Bitstamp with accounts and payments handling. The firm is said to have banking deals with ClearBank, which is headquartered in the U.K.

The news comes as BCB Group has launched a new effort to help get commercial treasury departments to embrace digital assets.

To that end, BCB Treasury offers a full solution “enabling access to treasury management” for firms that want to set aside some of their funds, or all of their funds, into bitcoin as well as other digital assets, per a release from February.

“We are seeing some powerful signals attracting companies to the digital asset space including the debasement of reserve currencies through unprecedented levels of central bank money supply. Some visionary CEOs … are tuned into the coming-of-age of digital money and have led the way for the Bitcoin-treasury demand which BCB is well equipped to meet,” von Landsberg-Sadie said in that same release.

BCB Group said in that announcement that it is “well positioned as one of the first multi-jurisdictional regulated cryptocurrency service firms.”