BCB Group raises $4.5m in a strategic funding round
BCB Group, Europe’s leading provider of business accounts and trading services for the digital asset economy, announced today that it has closed a $4.5m strategic funding round co-led by North Island Ventures and Blockchain.com Ventures, with participation from Pantera, L1 Digital and Pack Capital.
BCB provides accounts and payments processing for the world’s largest digital asset institutions including Bitstamp, Coinbase, Galaxy, and Kraken, in dozens of fiat and cryptocurrencies. BCB Group is the only dual regulated institution to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place.
BCB has enjoyed 19x volume growth over the last twelve months. In February 2021 alone, BCB processed over $4bn in payments and trades in dozens of currencies across the world.
The proceeds of the round will be used to fund investments in several new initiatives including BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset; BCB Yield Accounts, a product offering our clients a return on their positions; and BCB Wealth Partners, a comprehensive crypto service for private wealth clients.
BCB Group Founder and CEO Oliver von Landsberg-Sadie commented: “There’s so much more we want to offer our clients, and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
Samuel Harrison from Blockchain.com Ventures commented: “Access to banking services and the disconnect between fiat banking and core crypto services has been a longstanding pain point for blockchain companies. BCB addresses a large and growing need with their holistic service offering, which industry leaders have grown to now rely on”
Franklin Bi from Pantera said: “As a new financial system continues developing around digital assets and decentralized finance, its leading companies and projects will need dedicated payments and banking services. BCB Group has built a set of financial products natively designed for the blockchain-powered economy and we’re excited to help them accelerate their offerings.”
Travis Scher from NIV added: “The crypto industry is seeing tremendous inflows of institutional capital, yet crypto investors, exchanges, and fiat on-ramp providers still face massive challenges interfacing with the traditional banking sector. BCB has built a full suite of products to smooth the transition to the crypto economy, and we are thrilled to partner with them as they expand.”
BCB Group previously received funding from NKB Finance and a private investor in a $1m seed round in March 2019 which brought in much needed talent in engineering and operations.