BCB Group, a London-based payments processor that facilitates the connection between crypto firms and the banking system, is moving forward with its plans to include U.S. dollar capabilities to compensate for the void created by the recently closed Silvergate Exchange Network.
The financial institution, which is a leading portal to state-of-the-art banking solutions for the digital asset economy, aims to have fiat-to-crypto rails for dollar transactions in place by the second quarter of 2023.
As previously reported by Investors King, the fallout from the Silvergate Exchange Network significantly impacted the crypto industry. In addition to market pressure, prominent crypto exchanges such as Coinbase had strained relationships with the crypto-focused bank.
This latest development, if it materializes, will bring much-needed relief to the crypto industry, which has faced several unfavorable events over the past few months, including the fall of FTX.
BCB Group has already received a payment license from the UK’s Financial Conduct Authority (FCA) to offer fiat-to-crypto rails for currencies such as sterling, euros, Swiss francs, and yen in Europe. The bank serves institutional players such as Bitstamp, Galaxy Digital, Gemini, and Kraken.
In 2020, BCB launched the BCB Liquidity Interchange Network Consortium, an instant settlement network, and a real-time gross settlement system for euros.
Meanwhile, as Bitcoin and most altcoins struggle to recover, seasoned trader Tone Vays believes that Bitcoin (BTC) could experience a massive surge to the six-figure level, with a potential high of $300,000.
In a new strategy session, Vays, who has 123,000 subscribers on YouTube, said that Bitcoin could surge between 792% and 1,238% from current prices in the next bull market, referencing the chart. The popular trader predicts that Bitcoin could reach his initial target of $200,000 sometime in 2025. As of the writing of this report, Bitcoin is trading at $22,390.