BCB Group launches first institutional cryptocurrency prime brokerage service
BCB Group is making available its proven infrastructure to financial institutions through a bespoke service enabling them to integrate cryptocurrency trading services seamlessly into their own platforms
BCB Group, a leading global cryptocurrency broker, today announced the launch of its institutional prime brokerage solution, specifically designed to cater to the needs of institutional clients who need OTC best execution and who wish to offer cryptocurrency products and services to their own clients. The solution is aimed at investment managers and hedge funds, including cryptocurrency funds, private banks, family offices and wealth managers.
Aiming to provide seamless infrastructure covering onboarding, execution, settlement, reporting and custodianship, BCB Group’s service enables institutions to offer their investors access to cryptocurrencies across the spectrum of the asset class. For this unregulated asset class, BCB Group shadows existing regulatory requirements for analogous businesses in traditional financial services.
The bespoke service enables clients to buy and sell some of the largest cryptocurrencies including but not limited to Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple XRP. Through its trading platform, trades are brokered through wholesale exchanges, principal and agency OTC desks, and BCB Group’s own client order book. Trades are settled bi-directionally and natively in ZAR (onshore), GBP, EUR, USD, CHF and 18 other currencies.
Founder and CEO Oliver von Landsberg-Sadie (pictured), a former vice president at Barclays Investment Bank and dual citizen of UK and South Africa, 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. We want to create better value for individuals and companies, but we also believe in creating value on day one for social causes, so are pledging to direct a percentage of net annual profits to philanthropic causes through our BCB Seed Foundation.”
Mark Warner, Operations and Risk Partner and MD BCB Group South Africa, said, “We believe interest in cryptocurrencies in South Africa is very high, yet due to the new and innovative nature of the asset class there is a great deal of unmet demand. To address this, our aim is to partner with wealth managers and investment managers to support them and their clients by providing deep insight, trusted execution, and the high level of personalised customer service which we believe this asset class requires.”