BCB Group is a leading crypto-dedicated payment services provider, serving many of the industry’s largest clients including Bitstamp, Crypto.com, Fireblocks, Galaxy, Gemini, Huobi and Kraken
BCB Group and Sutor Bank exit acquisition deal. (Credit: Sasun Bughdaryan on Unsplash)
BCB Group, leading provider of business accounts and trading services for the digital asset economy, announced today that the deal for BCB to acquire Sutor Bank has ended. Careful analysis and consideration by both parties has culminated in the withdrawal of Sutor Bank’s agreement to sell its shares to BCB Group.
In December 2021, BCB Group announced the agreement to acquire Sutor Bank to vertically integrate a full serviced bank offering into the product suite. Following recent banking market events and macroeconomic changes, this marks an evolution whereby BCB Group can focus more on its European strategy via its application for an e-money licence in France, and on its move to capture and service the demand for USD payment rails.
BCB Group’s Founder and CEO, Oliver von Landsberg-Sadie comments: “Whilst we still believe in the team at Sutor and their innovative platforms, ultimately we recognise that in today’s market, unrecognisable compared to the 2021 market, we can each serve our clients on our own foundations more effectively than via the deal originally agreed. In the near term, BCB provides a more resilient service as a network of independent banks.”
BCB Group is lining up a number of partnerships to provide resilience by distributing the risk across multiple depositories, in line with what the market requires. There is also renewed focus from depositors on the safety of funds in financial institutions, as well as attention from regulators on the financial health of banks and the broader banking industry in various jurisdictions, including Germany. This has all seen a shift in the near term balance between fintechs and ‘fully licensed’ banks. By safeguarding customer funds with carefully chosen banking partners BCB Group can better protect its customers with its UK API and imminent European licences, which are currently in the pipeline.
With a dedicated focus on institutional payment services, BCB Group provides business accounts, cryptocurrency and foreign exchange market liquidity for some of the world’s largest crypto-engaged financial institutions. BCB Group is the only multi-regulated institution of its kind to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place.
Source: Company Press Release