Bitstamp, one of the largest crypto platforms in Europe, has become the first exchange to go live on BLINC, a real-time payments network that allows zero transaction fees across fiat and digital currencies.
BLINC, which is an abbreviation of BCB Liquidity Interchange Network Consortium, handles instant domestic and international cross-currency transactions, security tokens and smart contracts. This effectively eliminates the need for mainstream and sometimes costly payment networks, such as SWIFT and SEPA for transfers between BLINC users.
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BLINC launches its network with support for GBP, EUR and CHF, which further strengthens the bridge between crypto and traditional finance. It was created and uses the proprietary technology of London-based BCB Group. It operates crypto-focused startups regulated in the UK and Switzerland.
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Through its FCA-regulated payment arm, BCB is one of the few options available for cryptocurrency enthusiasts to obtain market liquidity and business accounts. Its unified infrastructure also covers payment rails, FX services, and digital assets custody. The group’s sister company, BCB OTC Trading SARL, is regulated in Switzerland to provide over-the-counter liquidity.
As per its blog relating to the announcement, Bitstamp said it is taking this step in order to fulfill its mission of supporting all its customers’ desired assets that meet the platform’s standards and also comply with their respective local laws.
“Our customers who are also members of BLINC can now transfer EUR and GBP to and from their Bitstamp accounts instantly and with zero transaction fees. This greatly improves transaction efficiency for our institutional customers, further strengthening the bridge between crypto and traditional finance,” Bitstamp said.
Bitstamp celebrates its ninth year in operation, making it the longest-running crypto venue in a sector plagued by hacks and exit scams. The exchange is currently ranked 11th in terms of spot trade volume, according to the latest data provided by CoinMarketCap.