UK firm launches service for company treasuries to invest in Bitcoin

0
70

BCB Group, a global digital financial services company, plans to help companies navigate cryptocurrencies like Bitcoin (BTC) by introducing a special service.

According to an announcement on February 19, BCB Group has launched BCB Treasury, a new service for treasury departments of companies wishing to invest in Bitcoin à la Tesla.

The new service is designed to provide a specific solution that allows companies willing to invest their capital in Bitcoin and other digital assets to access treasury management. BCB Treasury enables executives to enter, hold, manage and report on a Bitcoin-focused treasury strategy, the announcement said.

BCB Group’s founder and CEO, Oliver von Landsberg-Sadie, said the launch of BCB Treasury is in response to the growing demand sparked by recent Bitcoin moves by companies like MicroStrategy and Tesla. The chief executive said many companies are looking to invest in crypto to hedge against weak fiat currencies:

“We’re seeing some strong signals luring companies into the digital asset space, including the depreciation of reserve currencies by an unprecedented amount of central bank money.”

Last year, BCB Group’s core business, BCB Payments, received regulatory approval from the UK Financial Conduct Authority.

The BCB Group, headquartered in London, is a major European provider of crypto payment services, serving some of the world’s largest crypto companies such as Coinbase, Gemini, Galaxy Digital, Bitstamp and Kraken. In early February, the company appointed former Coinbase UK CEO Zeeshan Feroz as a consultant.