By
Temitope Olatunji
April 18th, 2024
Gemini crypto exchange will be connected to BCB’s API, hereby facilitating seamless transactions with different bank systems.
Gemini cryptocurrency exchange is fast encroaching into the European market amid the coronavirus pandemic. After acquiring the Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority, the firm has now partnered with BCB Group to provide United Kingdom residents a means to send and receive the British Pound seamlessly.
Blair Halliday, Gemini’s Chief Compliance Officer for Europe, said:
“Gemini is focused on creating the smoothest experience possible for our UK customers to make deposits into and withdrawals out of their accounts instantly in GBP via Faster Payments, CHAPS, and SWIFT transfers.”
Gemini has grown to an internationally recognized company with its services already available in major global markets.
This comes with increased competition in the crypto industry especially between centralized exchanges and decentralized crypto exchanges. Gemini being a centralized cryptocurrency exchange will have to partner with more industry players to remain competitive.
Notably, the company might be seeing an increased active user base due to its past clean record. Several cryptocurrency exchanges have been involved with fraud and theft of users’ coins. In addition, the firm is seeking to take advantage of the pandemic that is pushing the global payment system to electronic transactions.
Gemini and BCB Group
According to the press release, the Gemini crypto exchange will be connected to BCB’s API, hereby facilitating seamless transactions with different bank systems.
“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,” Blair noted.
Gemini crypto exchange is one of the largest beneficiaries of the Bitcoin boom that saw the founders clinch billionaire status.
Founded by the Winklevoss twins, it has evolved into an ecosystem of trusted services in different jurisdictions including the United States, Canada and U.K.
On the other hand, BCB Group is dubbed as Europe’s leading crypto-dedicated payment services provider. This is primarily because it has been serving some of the industry’s leading clients including Coinbase, Galaxy Digital, Bitstamp and Kraken.
Notably, the firm provides payment services in over twenty currencies, FX trading, cryptocurrency liquidity and also digital asset custody. With their collaboration, Gemini and BCB Group expects to see an increased customer base, especially with the increased global crypto adoption. In addition, they are going to be more competitive among global crypto exchange companies.