BCB Group has decided to push towards making the use of cryptocurrencies more viable and promising with a real-time payments network to allow free, real-time transactions across fiat and digital currencies.
Cryptocurrency exchange Bitstamp will also become the first exchange to enable transactions on BLINC, the BCB Liquidity Interchange Network Consortium. It has also been explained that this new move is down to accelerating client demand for BCB Group’s platform over the year to end June 2020, with average monthly payment volume growth of 24%.
The need for better payments structures in the cryptocurrency has long been needed and as the space progresses so new methods are being tested. The varying fees on cryptocurrency — as seen recently with Ethereum — and the longer transaction times when networks are busy, have been a major hampering.
This new network aims to transform traditional payments infrastructure by providing a unified architecture capable of handling instant domestic and international fiat transactions, crypto transactions, cross-currency transactions, security tokens and smart contracts, all provided fee-free within the network.
Making crypto more usable as a payment network
Cryptocurrencies were first created with the idea of it being a new payments network as Bitcoin was created as a peer-to-peer digital cash network. However, there has been a bigger focus in recent times on using the assets as investable property.
However, the digitalisation of payments has shone a spotlight back onto crypto and made the need to iron it the issues more prevalent. High fees and slow transactions are currently keeping back the progression of the space into the payments arena.
More so, the integration into fiat currency is still a weak point in crypto, but it has the potential to be far stronger, and the need is much greater, as crypto offers a chance for borderless payments.
Oliver von Landsberg Sadie, BCB Group’s Founder and CEO, commented, “One of the greatest features of the crypto age is the ability to build value without borders. BLINC bridges that feature into the fiat currency world in a highly scalable way. Among the first to benefit from this will be market makers working hard to keep markets efficient through exchanges like our launch partner Bitstamp by solving arbitrage gaps between exchanges faster than ever before. The benefits of efficient markets quickly ripple to the rest of the ecosystem.”
Chris Aruliah, VP of Banking relations, of Bitstamp added “BLINC is an appealing proposition for Bitstamp, as it enables us to offer our clients a frictionless mechanism to fund their traditional accounts. The ability to move money instantly in the fast-moving crypto markets is crucial and gives our clients an edge when trading on the Bitstamp platform. We are excited to be working with BCB Group on the launch of BLINC which we believe brings substantial benefits for the entimarket.”