Fireblocks now offers instant fiat transfers across 5 of the most highly-transacted global fiat currencies, thanks to our integration with BCB Group. This advancement leverages the BLINC network, providing Fireblocks customers with the ability to quickly fund their exchange accounts and facilitate 24/7 fiat movement between trading venues and counterparties. The BLINC network enables institutions to pay, settle, and clear instantly with zero transaction fees, creating greater efficiencies with domestic and international fiat transactions.
The Critical Role of Fiat On- and Off-Ramps
Fiat currencies play a crucial role in the digital assets market, acting as on- and off-ramps for payment companies and trading firms to move between positions with minimal exposure to price volatility and FX.
US banking challenges in 2023 left a significant gap in the digital assets ecosystem as institutions became unable to use instant settlement networks, such as Silvergats’s SEN Network, to facilitate 24/7 crypto-to-fiat trade settlements or on- and off-ramping to exchanges. At Fireblocks, institutions transferred over $330B in fiat transactions through the Fireblocks Network – 80% of which were sent directly to trading counterparties on the Network. The lack of instant on- and off-ramping increased operational friction and introduced new liquidity challenges.
For payments companies, the loss of on- and off-ramps posed significant challenges. PSPs relied on these services to instantly settle with crypto merchants and facilitate faster cross-border transfers. A recent survey conducted by Fireblocks, which polled 126 banks and payment providers, discovered that 69% of PSPs are interested in utilizing digital assets for internal cross-border transfers, where on- and off-ramps play a vital role.
The integration of BLINC into the Fireblocks Network enables trading firms and payments companies to settle transactions in real time while reducing the operational and settlement risks that occur when trading between crypto and fiat currencies. Fireblocks’ BLINC integration supports EUR, CHF, GBP, SGD, and JPY, with support for additional global currencies coming later in 2024. The BLINC network processed $25.9B in payments in 2023, an increase of 500% from the previous year.
“Integrating with BCB Group will greatly expand the fiat on- and off-ramps for businesses using Fireblocks by removing friction and allowing organizations globally to build localized products and services for millions of consumers,” said Ran Goldi, SVP Payments at Fireblocks.
With the integration of BLINC, Fireblocks is enhancing the efficiency of these crucial gateways, addressing the need for a more fluid exchange between the digital asset and traditional financial ecosystems.
Empowering Businesses with Global Financial Connectivity
The collaboration between Fireblocks and BCB Group signifies more than just technological integration; it’s a step towards creating a more interconnected and accessible global financial system. BCB Group’s BLINC network enables businesses worldwide to tap into more than 1,800 counterparties through the Fireblocks Network, opening up new possibilities for international trade and investment.
“This partnership powerfully signals the commitment that both BCB Group and Fireblocks have made to build durable bridges between traditional financial institutions and the digital asset space – two global financial systems that must harmonize for progress to be made,” said BCB Group co-founder and CEO, Oliver Tonkin. “Not only will this integration help bring new liquidity into the crypto capital markets with extreme efficiency, but it will also spur innovation in any business that touches digital commerce.”
Fireblocks’ integration with BCB Group is a testament to our commitment to improving financial transaction efficiency and accessibility for our customers worldwide. We’re setting the stage for a future where digital and traditional finance coexist seamlessly, offering more opportunities for growth and innovation.