Crypto prime brokerage firm BCB Group on Thursday announced that it launched its services on the Digital Asset Shared Ledger (DASL), a Corda-based distributed ledger.
Developed by LAB577, DASL is specially designed for financial institutions that mitigate the business risks involved when handling digital assets, including Cryptocurrencies . It also ensures high-speed bi-lateral transactions with full privacy between parties.
The technology will streamline the offerings of the broker, which involve value chain services, including onboarding, business accounts, payment services, and OTC trading.
Commenting on the development, Oliver von Landsberg-Sadie, chief executive of BCB Group, said: “One of the greatest barriers to entry for financial institutions in digital asset markets is the uncertainty stemming from settlement and security risks.”
“We identified LAB577’s Corda-based DASL solution as the most robust and credible way forward for trading and Payments that not only mitigates those risks but also provides a scalable framework for the much more sophisticated financial instruments which lie ahead.”
Running on two blockchains
The brokerage service has integrated its existing services on the Ethereum network on Corda so that ETH and ERC-20 tokens can be traded on Corda as well.
BCB recently partnered with crypto exchange Bitstamp to provide services for British pound deposit and withdrawal on the trading platform.
“LAB577 are delighted to have helped BCB be the first digital asset prime brokerage on to Corda Network. DASL, built on Corda, provides institutions the ability to re-imagine how value is moved and managed. Creating new markets for previously illiquid assets and reducing risk and cost using digital assets,” Richard Crook, CEO of LAB557, added.
“The Corda platform is the ideal home for these next-generation markets, offering the highest levels of privacy and security, allowing businesses to transact seamlessly with robust governance,” David E. Rutter, R3’s CEO, said.
