July 24, 2024
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Huobi Global collaborates with BCB Group for Instant Fiat-Crypto Settlement

Huobi Global collaborates with BCB Group for Instant Fiat-Crypto Settlement

Crypto exchange Huobi global, has become the latest cryptocurrency exchange to go live on BLINC. It is a real-time payments network that enables zero transaction fees over fiat and digital currencies. Huobi’s combination with the settlement network was achieved via a collaboration with London-based BCB Group. Moreover, it runs crypto-focused startups regulated in the UK and Switzerland. Also, the partnership intends to offer clients with European fiat on/off ramps and the capability to transfer fiat to crypto counterparties through BLINC in real-time, 24/7, 365 days a year.

Recently, BCB serves clients, including Bitstamp, Galaxy, Coinbase, and Kraken. Moreover, BCB Group offers payment services in 20+ currencies, forex , cryptocurrency liquidity, and digital asset custody. Furthermore, Huobi asserts that operating with BCB will allow it to bank its OTC desk with the firm. Thus, letting them manage foreign exchange flow.

Comprehensive details about BLINC and its Huobi operations

BLINC, an abbreviation of BCB Liquidity Interchange Network Consortium. It manages instantaneous domestic and international cross-currency transactions, security tokens and smart contracts. This virtually eradicates the necessity for mainstream and expensive payment networks, like SWIFT and SEPA for transfers within BLINC users.

BLINC promotes its network with GBP, EUR, and CHF support, strengthening the bridge between crypto and conventional finance. Moreover, it was designed to use the proprietary technology of BCB Group to impart institutional traders with a stable mechanism to finance their trading accounts.

Bitstamp, the world’s oldest active cryptocurrency exchange, was the first exchange to facilitate transactions on the BCB liquidity platform. By its FCA-regulated payment arm, BCB is one of the several options open for cryptocurrency supporters to gain market liquidity and business accounts. Its associated infrastructure also incorporates payment rails, FX services, and digital assets custody. Moreover, the group’s sister company, BCB OTC Trading SARL, is regulated in Switzerland to administer over-the-counter liquidity.

As per its blog announcement, the Seychelles-based exchange announced it is taking this step to achieve its mission of encouraging all its consumers’ desired assets that match the platform’s standards and comply with their corresponding local laws. Huobi has been developing aggressively into trading services in various other jurisdictions worldwide. Moreover, it includes Malaysia, Argentina, Russia, Korea, and setting up an office in London. Conclusively, in extension to local branches, like Huobi Argentina and Huobi (US), the exchange serves much of the world by its flagship exchange platform, Huobi Global.

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