Crypto Trading Firm BCB Group Raises $4.5M to Snag More Regulatory Licenses

The round was co-led by North Island Ventures and Blockchain.com Ventures.

AccessTimeIconMar 2, 2021 at 9:00 a.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC

BCB Group, a U.K.-based business banking challenger for the crypto industry, has raised $4.5 million in a funding round co-led by North Island Ventures and Blockchain.com Ventures, with participation from Pantera, L1 Digital and Pack Capital.

BCB Group CEO Oliver von Landsberg-Sadie said the firm has not urgently needed to raise capital because it is profitable. Still, he said the time had come to attain more licenses – and also make a push into Switzerland and Singapore.

  • Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
    01:54
    Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
  • HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
    00:50
    HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
  • Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
    01:45
    Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • “We want more regulatory licenses in the U.K., EU and Switzerland,” Landsberg-Sadie told CoinDesk in an interview. “These are expensive, not just from a working capital point of view in terms of funding staff. But there's also a regulatory capital aspect. Where our licenses become more bank-like, we have to hold more capital on the balance sheet in reserve.”

    Landsberg-Sadie said one of the interesting (and expensive) licenses BCB is pursuing is the Swiss Fintech license, which comes with a connection to the Swiss National Bank. 

    Last month, BCB Group launched a treasury services offering aimed at crypto curious chief financial officers. 

    BCB has seen about 19-times volume growth over the past 12 months, Landsberg-Sadie said, and in February 2021 the firm processed over $4 billion in payments and trades, according to a press release. Previously, BCB raised $1 million back in May 2019 from crypto investment bank NKB and an angel investor.

    The firm plans to raise again later this year, Landsberg-Sadie said.  

    “We are going to raise again later this year, probably on a larger scale in the $10 million to $15 million range,” he said.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.