One of the largest crypto platforms in Europe, Bitstamp, went live on the BLINC payments network today. It was already poised to become the first platform to enable BLINC transactions.
What is BLINC?
BLINC is a real-time payments network that provides transactions in both fiat and digital currencies and charges zero transaction fees. BLINC is the abbreviation for BCB Liquidity Interchange Network Consortium. It handles instant domestic and international transactions across currencies and security tokens and supports smart contracts as well. BLINC works as an alternative for mainstream but expensive payment networks like SWIFT and SEPA that help in transfers between BLINC users.
BLINC is currently supporting EUR, GBP, and CHF which helps in creating a strong link between traditional financial and cryptocurrencies. The technology for this network is designed by BCB Group, a London-based entity that runs crypto-focused startups in Switzerland and the UK.
Bitstamp creates a lucrative offering
BCB is one of the few crypto businesses that have an FCA-regulated arm that can provide users access to market liquidity as well as business accounts. It has a unified structure that covers forex services, payment services, and custody of digital assets. The company has a sister entity, BCB OTC Trading SARL which is regulated in Switzerland. The entity provides Over-The-Counter (OTC) liquidity to the users.
According to Bitstamp, the decision to work with BLINC comes as the company tries to fulfill its mission of bringing assets customers want on the platform. Bitstamp does this while ensuring that the assets meet its standards and remain compliant with 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 is the longest-running crypto platform and is the 11th largest in terms of spot trading volumes.
Remember, all trading carries risk. Past performance is no guarantee of future results.