London-based BCB, which handles crypto trading and banking arrangements for institutions, has launched BCB Treasury, a custody and reporting service aimed at crypto-curious chief financial officers. MicroStrategy’s Michael Salyor and Tesla’s Elon Musk have lit the fire for an explosion of companies looking to add Bitcoin to their balance sheets. Elon Musk announced a USD 1.5 billion bitcoin investment by the electric-car company in February 2020.
That said, firms that are not immersed in crypto memes need some hand holding, which means a new business line for established crypto players. The BCB Treasury service includes a lot of education, but in terms of the platform all the components were already in place. BCB’s early conversations about Bitcoin were mainly involving US fintech firms. Recently, this has spread to Europe and now includes mid-sized and large-cap companies of every stripe, including import/export businesses, Middle Eastern businesses, and also high-net-worth individuals.
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