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An analogue of SWIFT launched in Europe ...

An analogue of SWIFT with support for cryptocurrency payments launched in Europe
CONTENT

  • New interbank settlement system supports cryptocurrency transactions and smart contracts

  • BLINC already partnered with ClearBank, a partner bank of the US cryptocurrency exchange Coinbase

  • The digital market has been fighting for a system of cashless payments with support for cryptocurrencies for a long time

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The analogue of SWIFT is significantly ahead of the existing settlement system both in terms of efficiency and cost of services, according to the BCB Group

BCB Group, a digital asset financial services firm for institutional clients, announced the launch of the BCB Liquidity Interchange Network (BLINC).

The company announced this in an official press release..

An analogue of SWIFT launched in Europe ...

According to the document, BLINC is a real-time gross settlement system with support for Euros, British Pounds Sterling and Swiss Francs..

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The system supports 24/7 cashless payments and is also capable of processing instant domestic and international traditional transactions and cryptocurrencies.

Thus, BLINC will become the first working analogue focused on the cryptocurrency market, another international interbank system – SWIFT.

Exchanges are coming

One of the oldest cryptocurrency exchanges, Bitstamp, is already among the main founding partners of BLINC. Representatives of BCB Group have already announced that other cryptocurrency exchanges will join the BLINC network in the near future..

According to BCB Group CEO Oliver von Landsberg Sadie, BLINC members no longer need to use traditional payment schemes like SWIFT and SEPA, which are significantly inferior to BLINC in terms of processing speed and only work during business hours..

Although the UK has an efficient faster payment scheme, it is capped at $ 250,000 in payments, which is quite low when it comes to institutional investors, says the head of the BCB Group..

“If you are a trader in the cryptocurrency market and you need to calculate half a million pounds quickly, you are stumped. Nobody will calculate such an amount for you, neither at night, nor in a single day, “said Landsberg Sadie.

Also, the head of the BCB Group said that BCB has a banking relationship in the UK with ClearBank, a partner bank of the American cryptocurrency exchange Coinbase..

Outstripping the competition

The cryptocurrency market has long been trying to solve the existing problem of cashless payments and bank payments, which are significantly inferior to cryptographic products..

An analogue of SWIFT has been launched in Europe ...

As part of its partnership with Ripple, Spanish bank Santander expanded its One Pay FX cross-border payment application in early June.

One Pay FX is now available in 19 countries including the USA, Spain, Poland and Brazil.

Nevertheless, updating the banking system may at any moment come under pressure from the United States, where at the end of August 2019 they called for regulating BTC on a par with SWIFT transactions and other electronic payment systems..

Then, in an interview with CNBC, US Secretary of State Mike Pompeo expressed the hope that cryptocurrencies will never become the norm in international payments..

The West’s desire to regulate electronic payments is also due to the fact that the United States, according to the former Commissioner of the US Commodity Futures Trading Commission, is lagging behind other countries in creating a central bank digital currency..

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