BCB group has raised an enormous $60 million during its Series in a Funding Round. BCB Group is a Europe-based cryptocurrency exchange platform and a crypto-dedicated payment service provider.
Additionally, the platform serves some of the biggest names in the crypto industry. These include Bitstamp, Coinbase, Galaxy, and Kraken.
BCB Group Series A Funding Round
The funding round was led by Foundation Capital. Furthermore, other participants included BACKED VC, PayU (the e-payments business of Proses), Tokentus Investment, Cowa, Digital Currency Group, Nexo, Wintermute, Menai Financial Group, Circle, Profluent Ventures, and LAUNCHub Ventures.
The company said, “they would use the funding to expand its payment and banking services.” The funding round also saw existing investors of the Group- North Island Ventures, Blockchain.com Ventures, Rockaway Blockchain Fund, Pantera, and L1 Digital.
Funding Round of BCB Group in 2021
Last year, the company raised $4.5 million during its funding round led by previous investors. The CEO of BCB Group released a statement in March 2021 following the funding round. Oliver Von Landsberg-Sadie said that capital is not needed urgently in this company.
However, Landsberg-Sadie mentioned that they took this move to get regulatory licenses from Switzerland and Singapore. Further, to operate in countries like the United Kingdom, Europe, and Switzerland, the company needs to hold more capital.
When crypto exchange platforms become more bank-like, they incur additional expenses. They require capital for not just their staff but also for regulatory reasons.
That means the company needs to show capital on its balance sheet to comply with the requirements of regulatory authorities of these countries.
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Why is BCB an essential player in the crypto market?
The company has the tag of being the only ‘multi-regulated’ institution. It has been in the business for five years and has processed billions of dollars worth of payment.
Talking about the company’s aim, CEO Landsberg-Sadie said, “Our mission is to connect and bank the global crypto industry.”
The investor Foundation Capital, which led the Series A funding round, mentions the importance of BCB in its statement. They said that the crypto platform is a leader in linking crypto and traditional bank sectors.
Additionally, Foundation Capital has been an active investor in the crypto and bank sectors for many years.
Over the last two years, BCB Group has seen volume growth of over 19-times. It raised over $1million in 2019 from crypto investment bank NKB. In its 2021 press release, the company states that it processed over $4 billion in payments and trades.