Cryptocurrency broker BCB hops on Corda Network

Source: BCB

BCB Group, a leading global cryptocurrency broker catering to the bespoke needs of institutional clients, today announced they are now live with DASL - The Digital Asset Shared Ledger developed by LAB577.

DASL is a Corda-based digital asset shared ledger for financial institutions that mitigates the business risks involved when handling digital assets, including cryptocurrencies. BCB Group offers a diverse range of products for the financial services value chain including onboarding, business accounts, payment services and OTC trading.

DASL provides the platform for crypto-brokers to join and utilise Corda Network. Corda Network is an underlying universal network which enables interoperability between nodes across separate business networks, applications and processes. BCB will be the first to provide prime brokerage services for digital assets on Corda Network.

This third wave blockchain technology has now integrated the Ethereum network with Corda Network allowing ETH and ERC-20 tokens to be traded on Corda Network. BCB Group’s implementation of LAB577’s technology supports their mission to be the market leading provider of liquidity, pricing, trade execution, transparency and control across the entire trade cycle.

BCB Group CEO Oliver von Landsberg-Sadie remarked on the announcement: “One of the greatest barriers to entry for financial institutions in digital asset markets is the uncertainty stemming from settlement and security risks. We identified LAB577’s Corda-based DASL solution as the most robust and credible way forward for trading and payments that not only mitigates those risks but also provides a scalable framework for the much more sophisticated financial instruments which lie ahead.”

With seamless ledger and settlement services integrated into fiat banks and digital asset custodians, DASL’s shared ledger provides high speed bi-lateral transactions with full privacy between parties. DASL allows financial institutions to re-invent their products and services using digital assets from primary issuance and secondary trading through to clearing and settlement.

LAB577 CEO Richard Crook had this to say “LAB577 are delighted to have helped BCB be the first digital asset prime brokerage on to Corda Network. DASL, built on Corda, provides institutions the ability to re-imagine how value is moved and managed. Creating new markets for previously illiquid assets and reducing risk and cost using digital assets.”

David E. Rutter, CEO of R3, said: “We’re confident that tokenisation has potential to make rapid improvements to the way markets operate. BCB Group’s work is making a significant contribution to this by setting up key brokerage infrastructure, making these nascent markets more appealing to investors. The Corda platform is the ideal home for these next generation markets, offering the highest levels of privacy and security, allowing businesses to transact seamlessly with robust governance.”

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