Gemini Partners With U.K. Crypto Payments Processor BCB Group
- By using BCB’s API, Gemini will be able to simplify its interactions with various banks, and reduce the need for manual intervention in transaction processing.
- Gemini will also be able to provide its U.K. clients with faster options when it comes to sending and receiving pounds.
Gemini founders Tyler Winklevoss (L) and Cameron Winklevoss (R) onstage during TechCrunch Disrupt, New York, May 6, 2015. Noam Galai/Getty Images for TechCrunch
The new partnership with BCB Group will help Gemini provide its clients with faster options for sending and receiving British pounds, the firm said in a press release on 12 October.
According to the announcement, the new partnership will allow the Winklevoss’ crypto exchange to simplify its interactions with various banks and fiat currencies, as well as reduce the need for manual intervention in the transaction process. By connecting to the BCB Group’s API, Gemini will be able to provide its U.K. clients with faster options when it comes to sending and receiving pounds. Gemini’s Chief Compliance Officer for Europe, Blair Halliday, said in a statement:
“We are excited to be working with BCB Group to ensure that Gemini has secure access to real-time settlement infrastructure, enabling us to integrate with our banking partners. As an authorised payment institution with deep expertise in the digital asset market, BCB is an excellent partner for us.”
BCB Group’s core subsidiary, BCB Payments Ltd., received an Authorized Payment Institution (API) licence earlier this year, becoming part of the small number of financial institutions to be licensed by the U.K. Financial Conduct Authority (FCA). The firm provides its clients with access to institutional payments services, offers business accounts, and crypto market liquidity.
The Winklevoss twins’ exchange has slowly been expanding into the U.K. this year, with it receiving a license to operate in the country back in August. By registering as a crypto asset firm in the U.K., Gemini has shown it can meet the compliance requirements in terms of Anti-Money Laundering and Counter-Terrorism Financing.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.
- Called Coinbase International Exchange (CIE), the new platform will allow institutional users outside of the U.S. to bet on the price of crypto via perpetual futures.
- The platform will not be available to retail customers “at this time”, and will initially provide trading of only BTC and ETH perpetual futures, settled in the USDC stablecoin.