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.