Crypto Bank BCB Group Looks To Fill Silvergate’s Role – March 6

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$22,522

Bitcoin price has gained a little ground to begin the week, trading in the mid $22,000s Monday.

Top-20 altcoins are trading steady over the last 24 hours, as Ether remains unchanged, BNB falls just 1% and Uniswap gains 2%.

Top Stories for March 6, 2022 🔥

👉 Crypto Bank BCB Group Looks To Fill Silvergate’s Role

BCB Group, a UK-based payments processor for crypto companies, is speeding up plans to add US dollar capabilities in order to fill the gap left by the recently-closed Silvergate Exchange Network.

BCB currently provides fiat-to-crypto rails for currencies such as sterling, euros, Swiss francs, and yen in Europe, primarily to institutional players such as Bitstamp, Gemini, and Kraken.

The firm launched its instant settlement network, BLINC, in mid-2020, with a dollar component in the works for about a year and set to launch soon.

👉 Coinshares Reports Investment Product Outflows For 4th Week In A Row

Digital asset management firm Coinshares has reported its fourth consecutive week of outflows from its investment products, this week with $17 million withdrawn.

On the other hand, short positions on Bitcoin have seen inflows for three straight weeks, reaching $1.8 million in inflows. The negative sentiment has been attributed to ongoing concerns about regulatory uncertainty in the industry.

👉 BIS Concludes CBDC Project Exploring International Payments

The Bank for International Settlements (BIS) has completed “Project Icebreaker,” a study exploring international retail and remittance payment use cases for central bank digital currencies (CBDCs) with the central banks of Israel, Norway and Sweden.

The BIS found that a “hub-and-spoke” model between domestic CBDC systems could reduce settlement and counterparty risk and complete cross-border transactions within seconds.

The report could lay the groundwork for a cross-border payment system if the central banks of the participating countries move forward with issuing digital currencies of their own.