It has been a tough road for crypto-based financial institutions to gain recognition among the rest of the financial world. The technology, which democratizes the monetary system, has been seen as a competitor by many established financial institutions. Businesses that deal solely with cryptocurrencies and blockchain technology have been kept at arm’s length by traditional commercial interests. However, change seems to be on the horizon. The global digital financial services provider BCB Group has announced that the UK’s Financial Conduct Authority has granted the provider their Authorised Payment Institution (API) license. The granting of this license makes them the first crypto-focused company to successfully achieve this milestone.
Digital Asset Services
BCB’s main market share in the digital sphere is currently underserved by traditional banking institutions. Several major crypto-engaged financial institutions use Their B2B payment services. As a provider, the company is the only dual-regulated business of this type that offers its clients access to a full suite of digital asset management solutions, powered by an API. The granting of this license further raises the reputation of the company, and will only serve to increase the business’s outreach overseas. This license means that clients can benefit from the increased efficiency and flexibility that work alongside a regulated financial institution guarantee.
Promise for Future Crypto-based Institutions?
While other institutions that focus on crypto and blockchain as the basis of their digital financial assets haven’t yet applied to become regulated, this license represents a turning point in how traditional financial institutions and regulatory bodies see the new digital technology. BCB Group, however, remains the most widely accessible crypto-based financial institution in the world. Their business clientele stands to benefit a lot from the company’s new regulated status. The business hopes that their situation will attract more growth, as it hopes to maintain and improve on its current growth rate of 207% per month.