LAB577, a blockchain and digital assets company founded by a group of former NatWest bank software engineers, has been acquired by BCB Group. The BCB Group is a cryptocurrency trading and payments services provider which recently claimed that in over five years of operation, the company has processed approximately $100 billion in payments.
Both of these U.K. companies have previously partnered to see how their different infrastructure initiatives may interact with each other. “The Digital Asset Shared Ledger” on the LAB577 side introduced bitcoin and ether onto the permissioned Corda Network, which was further enabled by the BCB Liquidity Interchange Network Consortium, a kind of SWIFT alternative for quick crypto-cash settlement.
BCB acquired Germany’s 100-year-old Sutor Bank in December of last year, a deal that the German regulator BaFin is expected to approve later this month. According to Landesberg-Sadie, the addition of LAB577 takes BCB’s total headcount to over 200.
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