U.K.-based firm BCB Group announced it is rolling out a treasury service called BCB treasury to enable firms to add cryptocurrencies to their balance sheets. According to the announcement, it will enable the trading, storage, and management of cryptocurrencies by corporate organizations.
BCB has already landed its first client for the new service. Dubai-based public relations and Advertisement Company Falcon Corporate Services is using 75% of its corporate treasury to buy Bitcoin through BCB’s platform. Last year, the U.K. Financial Conduct Authority approved BCB Payments to run and operate as a payment service provider.
More corporations to add Bitcoin to their balance sheet
According to Oliver von Landsberg-Sadie, chief executive officer of BCB Group, other companies have indicated their desire to get on board. The BCB Treasury will be a custody and reporting service to encourage more acquisition of Bitcoin and other cryptocurrencies by corporate organizations.
This development is coming at a period when corporate organizations are dancing towards Bitcoin investments. Tesla’s Elon Musk and Microstrategy’s Michael Saylor have set the pace for other companies to follow. Jack Dorsey’s Square also added Bitcoin to its balance sheet while its sister company Twitter is about investing in cryptocurrency as well.
The price of Bitcoin has been increasing steadily this year, as the top cryptocurrency hit a record price level of $52,500 earlier this week.
BCB Group partner Ben Sebley stated that the company’s interest in the project intensified after MicroStrategy made a massive investment in Bitcoiin last year.
He said the project is geared towards those firms that are presently not looking at Bitcoin investment options.
“[… [Firms that are not immersed in crypto memes need some hand-holding,” he added.
Sebley also said the BCB Treasury service will also help companies by educating them about the industry and investments. He also stated that the platform is already in place for all components.
He also said BCB made use of the trading desk to help companies trade cryptocurrencies. The company will provide custody and help them report their treasury tailored to the needs of each CFO.
Many organizations showing interest
Sebley also stated that the firm has conversed with some U.S. based fintech companies about the potential to work with them on the Bitcoin custody and investments.
However, he refused to mention any of the companies involved. He also said the company has reached out to potential clients in Europe who are involved in different types of businesses. These organizations include mid-size and large-size organizations, including high-net-worth individuals and import/export businesses.