BCB BLINC_ISSUE 02

ISSUE 02 / SUMMER 2025

BLINC

STABLE FOUNDATIONS BCB partners with Circle Payment Network MAKING WAVES In conversation with Ripple's UK & Europe MD PERFECT PARTNERS Exploring BCB's Bitstamp collaboration

in a rapidly changing world KEEPING CLIENT- FOCUSED

HIGH AMBITIONS BCB WELCOMES NEW CHIEF PRODUCT OFFICER

REGULATORY RADAR STABLECOINS IN FOCUS

HELLO AMSTERDAM WE ARE BCB GROUP COME AND SAY HELLO We’re located in: Balcony Meeting Room BL 8

WHAT'S INSIDE

Contents

ISSUE 02 / SUMMER 2025

10 THE REAL DEAL

COVER STORY

The world of digital assets has always been fast-moving, but the pace of development now seems faster than ever. Barely halfway through 2025, we have already seen rapidly evolving regulation on both sides of the Atlantic, a flurry of deals and partnerships across our industry and a surge of interest from mainstream finance in digital assets and payments. And on top of all that, we are already on the second edition of BCB’s BLINC magazine. In this issue we examine all these major themes including the challenge presented by a fragmenting regulatory landscape and also our innovative partnership with Circle to build a truly global digital payment network. We also hear from BCB’s new Chief Product Officer, Valentin Vincendon, who, in an in-depth interview, outlines his vision and approach. Significantly, Valentin identifies a strong corporate culture as a critical factor for success. This theme is echoed in our interviews with BCB Head of Sales Camille Tas and Chief Marketing Officer Sam Shrager. I believe attention to culture will be a crucial factor in this phase of rapid change and advance for our sector. As the digital assets industry matures, successful businesses will be those that nurture their talent, think long term, and encourage true collaboration, both within their own operations and with external partners. It is the key not only to immediate business growth, but also to the long-term future of digital assets and payments. Tim Renew Deputy Chief Executive Officer

18 NEW JOINERS

BUILDING ON CLIENT NEEDS TO STAY AHEAD

FEATURES

25 CREDS

28 REGULATORY RADAR

EDITORIAL Managing editor Sam Shrager Sam@bcbgroup.io

BLINC is produced for BCB Group by Rhotic Media, financial services marketing specialists.

ISSUE 02 / SUMMER 2025

BLINC

STABLE FOUNDATIONS BCB partners with Circle Payment Network

Rhotic Media Ltd 5th Floor 5098, Aldgate Tower 2 Leman Street, London, E1 8FA

MAKING WAVES In conversation with Ripple's UK & Europe MD

PERFECT PARTNERS Exploring BCB's Bitstamp collaboration

Editor Simon Watkins Simon.watkins@rhoticmedia.com

in a rapidly changing world KEEPING CLIENT- FOCUSED

UK company registration number 11295861

Art director Christian Gilliham

RHOTIC Content for financial services

HIGH AMBITIONS BCB WELCOMES NEW CHIEF PRODUCT OFFICER

REGULATORY RADAR STABLECOINS IN FOCUS

VAT Number GB 302 9736 09

PULSE Industry round-up

BCB Group partners with Circle for global payments network Pulse

part of BCB Group’s strategy.” Leveraging Circle’s stablecoins – USDC and EURC - CPN provides financial institutions with a modern way to move money globally with the speed, transparency, and programmability of the internet. CPN is governed by a robust framework that requires participants to meet strict eligibility standards, including licensing, AML/CFT compliance, financial risk management,

BCB Group has been selected by Circle Internet Group as a key partner for its Circle Payment Network (CPN) – a new global system for real-time, cross-border payments based on regulated stablecoins. CPN links leading global banks, payments service providers, virtual asset service providers and digital wallets to create a seamless network that will cut transaction times and costs for international payments.

The project advances BCB’s own vision of fast and low-cost international transfers and complements BCB’s BLINC service which allows instant and zero cost payments between BCB account holders. Alongside BCB, other CPN launch partners include Société Générale, Deutsche Bank, Standard Chartered and more than a dozen leading digital asset technology groups. Oliver Tonkin, Co-founder and Chief Executive of BCB Group, said: “Circle has looked for partners who are the key players in this space. We are

and cybersecurity protocols. “Circle has a high regard for

regulation and compliance as vital for being a trusted partner for business and that fits extremely well with BCB’s regulation-first approach. We know from our own direct partnerships with global banks that trust and compliance are essential for building bridges with traditional finance and so realising the full potential of stablecoins for international payments,” said Tonkin. these partnerships, and has instead championed a lower-profile, women’s team. “By investing in initiatives that empower underrepresented groups, we aim to create a more equitable landscape in all fields we touch,” Tonkin added. “We believe that by supporting organisations such as Spencer Hockey Club, we can help inspire the next generation of leaders, whether in athletics, tech or any other industry, and demonstrate that everyone has a vital role to play in shaping a brighter, more inclusive future.” Spencer Hockey Club’s ethos aligns with BCB’s values, as the team holds a progressive approach to breaking gender stereotypes in sports. “BCB Group’s ongoing support has been invaluable in allowing us to expand our programmes and inspire more women and girls to take part in hockey,” said Joe Chomet, coach of Spencer Women’s first team. BCB is providing significant financial support to the team, allowing it to enhance training, upgrade its facilities and promote the growth of women in sport.

delighted that Circle recognised us as one of those players. Driving stablecoin adoption and expanding the use cases for stablecoin payments is a core BCB partnership champions women in sports

Spencer Hockey Club, a beacon of inclusivity in sports,” he said. “This partnership not only reflects our commitment to fostering diversity in sports but also aligns with our broader mission to champion inclusivity and representation in technology and beyond.” In the crypto space, there is an emerging trend of sporting sponsorships to foster community engagement. However, BCB points out the often male-dominated choice for

BCB Group has renewed its sponsorship of Spencer Hockey Club for the fourth consecutive season. Announced in alignment with International Women’s Day on 8 March, the renewal represents BCB’s continued commitment to fostering diversity and inclusion in sports. Oliver Tonkin, BCB Co-founder and CEO, said the sponsorship also highlighted the company’s commitment to supporting inclusion in all contexts. “We are proud to continue supporting

Bonds and gold are top tokenisation targets

you can have is the straightforward IOU and they yield as well. That’s the one that the banks and institutions will push the fastest,” Jassal said. BCB Group Co-founder and Chief Executive Oliver Tonkin agreed and said he saw another key asset as ripe for tokenisation. “I would add gold to that because we have seen a few projects, and we could see a lot more, because it is a hedge. And there are lots of strategies around gold and bitcoin being combined,” Tonkin said.

Another area in mainstream investment highly suitable for

tokenisation is money market funds, according to Tonkin. “It’s a massive market and you are beginning to see projects that are credible,” he said, adding that links could be made between money market funds and stablecoin allowing investors to flip quickly in and out of funds to access yield. The potential for tokenisation of mainstream assets marks a major evolution from just a few years previously, Tonkin said: “We’ve been around for about eight years and about five or six years ago, people were coming to us wanting support for often crazy ideas, stuff like tokenised fast cars, art or stamps. It was just unnecessary. What we

Oliver Tonkin and Deepak Jassal

Bonds and gold are set to lead the way in large scale tokenisation, according to panellists at the Digital Commonwealth Summit. A session on real world assets and tokenisation examined their prospects and posed panellists the question:

which are the next assets that will be tokenised at scale? Panellist Deepak Jassal, Partner at corporate advisory 01 Capital, identified fixed income markets as highly promising. “I think the bond market is the safest. One of the simplest assets

are seeing now is an evolution away from those stupid ideas and to projects with genuinely useful value-added.”

And I am optimistic that there could be coordination because mutual recognition would be beneficial to the EU, the US and the UK.” Framework is needed to unite stablecoin regulation

The fragmenting regulatory landscape for stablecoin should be brought together under a system of mutual recognition between countries, attendees at the Digital Commonwealth Summit in London were told. Speaking on a panel discussing stablecoin standards, Katie Harries, Director, International Policy at Coinbase, said that despite diverging regulation between leading economies, she believed some kind of reciprocity was still possible. “Every jurisdiction is fundamentally doing different things, but we all recognise it is really important that there is some coordination,” she said. “The best outcome would be some sort of equivalence framework or mutual recognition framework that would allow

The summit panel discussed the future of stablecoin versus Central Bank Digital Currencies (CBDCs) with speakers unanimous in the view that CBDCs had been overshadowed by the growing interest in stablecoins. The US has ruled out issuing Federal Reserve digital currency, but in principle the idea is still alive in Europe and the UK, with many other countries also experimenting with CBDCs. The Bank of England has launched a Digital Pound Lab and is consulting on next steps. Against this background in the US and the UK, Ollie Carew, Director FinTech Consulting at EY, said Europe was further ahead. “I think that might be an interesting place to keep an eye on because the digital EUR has more political legs,” he said.

stablecoins denominated in one currency to be traded in another.

Katie Harries

NEWS Digital Asset Summit

ESMA sets new supervisory standards under MiCA

The European Securities and Markets Authority (ESMA) has issued new guidance to strengthen crypto market oversight, marking a significant step in the rollout of the Markets in Crypto-Assets Regulation (MiCA). On 29 April, ESMA issued a public statement outlining new guidelines standardising supervisory practices among national European authorities establishing a harmonised approach to monitoring market integrity. MiCA was introduced to provide a pan-European framework for digital assets. It is designed to bring clarity and consistency to regulatory oversight.

Unlike trad-fi instruments, crypto assets are still operating in uncertain regulatory landscapes with new legislation, regulations and statutory instruments being introduced /drafted in real time. “The objective is to build a common supervisory culture for crypto assets,” ESMA noted in its statement, urging authorities to engage in dialogue with industry players and adopt a coordinated enforcement approach across member states. The guidelines will take effect three months after their official EU-wide publication, but ESMA is encouraging regulators to begin implementation immediately.

Select marketing BCB Group’s CMO Sam Shrager been selected to join the RiseUp’25 European Academy at Money 20/20 in Amsterdam. RiseUp at Money20/20 is an annual global program aimed at championing diversity across the financial sector. Applicants selected for the academy have access to exclusive sessions and networking events at Money 20/20 and a year of mentoring by financial sector leaders. Shrager, who has headed BCB’s marketing function since 2019, said: “BCB has always been incredibly supportive, and women are well- represented at the senior levels of the company. But we are under- represented in the wider financial and fintech sectors and RiseUp is a great programme for nurturing talent and increasing the diversity of our industry.” The 25 women selected for RiseUp at Money 20/20 Amsterdam include executives from global banks and technology groups, as well as smaller fast-growing companies. RiseUp selected its first cohort in 2018 and since inception, more than 175 women have been selected for the academy. Surveys of previous cohorts found that 95% felt it helped progress their careers and 99% said they would recommend the programme. BCB Group’s Head of Banking and Strategic Partnerships, Claire Barratt, is also an almuna of the programme. Within two months of publication, national authorities will need to declare their compliance status to ESMA, indicating whether they intend to follow the guidelines or require additional adjustments. The new guidance follows ESMA’s Market Abuse Regulation (MAR) and is tailored to address crypto-specific risks, such as cross- border trading complexities and social media-driven price movements. Supervisors will be encouraged to adopt risk-based enforcement strategies, ensuring that oversight remains proportionate to market conditions.

Vincendon named as new product chief and financial services.

“BCB is very much at the interface between digital assets and payments, which is where my own career journey has brought me. It feels like the right challenge in terms of size and in terms of people. Everyone at BCB is here

for the right reasons - to build something important in this sector,” said Vincendon.

Tim Renew, Deputy Chief Executive at BCB, said: “Valentin is a perfect fit for BCB. His experience in digital and tradfi matches our own focus, and when you meet him, you just know he will bring enormous energy to the company.” Vincendon said there was an enormous range of product opportunities for BCB but singled out stablecoin and yield-bearing assets as significant opportunities over the coming year. He also placed significant importance on nurturing BCB’s collaborative business culture. “A product team needs to work well with every part of a company and that is something where I think I can make a significant impact,” Vincendon said. Prior to joining BCB, Vincendon was Chief Product Officer at Copper.co. His previous experience includes roles as VP Strategy at Checkout.com and Head of Product at Dolfin. He has also been an investor and adviser to several scale-up companies in both technology and financial services.

Valentin Vincendon

BCB Group has appointed Valentin Vincendon as Chief Product Officer to manage its rapidly expanding product pipeline. Vincendon, who will take the position this month (June), has a wide range of experience at digital assets businesses as well as roles in management consultancy

Interview page 18

Institutional growth takes centre stage at TOKEN2049

BCB Group met with senior policymakers and regulatory advisers at this year’s TOKEN2049 conference in Dubai, as the Emirate positions itself as a global hub for asset digitisation. This year’s Dubai edition of TOKEN2049 threw a spotlight on the growth in crypto demand from institutional investors and explored how sovereign adoption, structured credit, and cross-asset infrastructure are reshaping digital asset markets. The event, held in the heart of the UAE’s growing crypto hub, reflected the industry’s movement toward regulated market expansion and high-impact partnerships. James McKeon, Head of Trading at BCB Group, said this year’s event offered a solid blend of educational seminars and networking opportunities in a region that is gaining significant momentum. “This year’s TOKEN2049 was a well-attended event that offered additional value from fringe events with BCB Group partners. “Some of our commercial partners also took to the stage, exploring themes relating to the growth of stablecoin adoption to how tokenised assets are transforming cross border payments.” McKeon said fringe events held by Talos, B2C2, and Laser Digital were particularly worthy of note.

Above left: James Mckeon

“These offered a highly effective environment for deepening relationships with existing clients and exploring new opportunities with partners, particularly across the UAE and APAC. Congratulations to the organisers for building a successful event programme.” One of the most discussed themes at this year’s TOKEN2049 Dubai was the institutionalisation of crypto markets, with increasing participation from sovereign funds, asset managers, and structured finance players.

The conference highlighted a move toward modular blockchain architectures, replacing monolithic networks with more scalable and interoperable systems. The tokenisation of real-world assets was a theme that took centre stage. The Dubai Land Department showcased a pilot programme for tokenised property ownership, aiming to establish secure and transparent real estate transactions on the blockchain.

Awards pile up for BCB Group

The trophy shelf at BCB Group headquarters may soon need some reinforcing after the group picked up a clutch of new awards in the first half of 2025, with many more pending announcements where BCB is a shortlisted finalist. The award wins recognise BCB’s achievements across specific products and its wide-ranging innovation, as well as acknowledgement for the company’s legal expertise in the field of digital assets law and regulation. BCB’s BLINC ® instant payments product, which allows instant and fee free payments between BCB account holders, clinched the award for Best Payments product at the Digital Commonwealth Summit, held at London’s prestigious Mansion House in May. Holiston Media’s Global Crypto Awards named BCB Group as winner in the Best Provider of Crypto Innovation

category. Oliver Tonkin, BCB Group’s Co-founder and Chief Executive, described the win as “Testament to our commitment to remaining as one of the first multi- jurisdictional, regulated firms offering payment accounts and trading services to businesses in the digital asset economy.” Tonkin added that the win was particularly gratifying as the Global Crypto Awards are voted for by hundreds of industry participants: “It's always an honour to be voted for by real users of our services as a trusted provider.” BCB Group has also been shortlisted in six categories for the Hedgeweek Global Digital Awards. The result of the Hedgeweek awards had not been announced as BLINC went to press, but Tonkin commented: “To be shortlisted across so many categories is itself a huge endorsement of our business.” Meanwhile, the calibre of BCB Group’s legal capabilities has also been

recognised by the GC Powerlist, an annual list of the best general counsel in various jurisdictions, sponsored by Legal 500. BCB’s Group General Counsel Agathe Laissus was included in the powerlist for Luxembourg for the third year running. To see the full list of BCB’s industry awards visit our website.

DIGITAL ASSETS SUMMIT

A full-day event of debate, learning and networking, designed to create the opportunity to meet, discover and challenge those reshaping capital markets in real time. An event that brings together capital market participants – from origination through investment to settlement – who are embracing the potential of tokenised financial assets and blockchain distribution. A forum for those developing new capital market infrastructures amid an evolving landscape, with many still at the start of their transformation journey.

06_10_25 Code Node Conference Centre 10 South Place , City of London , EC2M 7EB

INFRASTRUCTURE + PAYMENTS STAGE SPONSORED BY

Find the full agenda at capitalpioneer.co.uk and discover the growing speaker directory

PULSE Industry round-up

Financial leaders call for unified stablecoin regulation

policymaking, with regulations such as the Basel Agreement, for example. We need more of that with crypto.” In a panel on the future of financial infrastructure, executives from major institutions highlighted how varying approaches were creating barriers for stablecoin integration, noting disparities where some clients have access to certain stablecoins while others do not. The conversation extended to banks, where speakers acknowledged that regulatory openness varies by region. Certain territories are more welcoming to stablecoins, while others take a more restrictive approach, complicating cross- border transactions. Industry specialists voiced frustrations about the variance in compliance requirements across markets. The call for greater regulatory standardisation reflects a broader shift toward institutional adoption of digital assets, underscoring the need for a unified framework to enhance security, trust, and efficiency within the global financial system.

Frustration over fragmented stablecoin regulatory approaches united banks and fintechs at this year’s Money 20/20 Asia. Observations of disjointed policy approaches has grown noticeably since last year’s Bangkok event with an increase in the number of senior leaders taking to the stage, calling for a coordinated approach. Tim Renew, deputy chief executive

officer of BCB Group, highlighted the differing rulesets affecting digital assets regulations, explaining that the work required to be compliant in Europe is substantially different to that required for compliance in Singapore or the Middle East. He explained: “There is still a lack of standardisation from a regulatory perspective, globally. In banking, you have a more joined up approach to

DeFi marketers find opportunities in regulation

Changing and evolving regulation means that marketers must adapt their message to fit each geography and watch what their competitors are doing on a global scale, she explained. “BCB Group’s position as pioneers of the regulation-first mindset is the foundation of everything we do,” Shrager said. “By championing regulation, we im to shift perceptions and demonstrate that crypto is a valuable part of financial services, moving it beyond its previous negative reputation.” As part of its strategy, BCB has pursued “tougher licenses” in regions with more stringent approval processes. “While this approach may take more time, it ultimately strengthens our position, enabling us to operate in regions like Europe in ways that our competitors may not be able to,” Shrager added. An honest perception by the market can be maintained through these licenses, which installs trust from B2C. Simon Barnby, CMO at Archax, emphasised the importance of integrating regulation into strategy to maintain a long-term perspective. “Integrity is defined as doing the

right thing, even when no one is watching,” said Barnby. He further explained that interweaving integrity into strategy provides a competitive advantage, resonating with both traditional financial institutions and crypto-native audiences. The process of building a strong, trustworthy message includes picking the right places to advertise. Within the crypto space, events are both rife and global. Shrager stressed that marketers must be flexible, and open-eyed when selecting which to attend and how to attend them. “Rather than just a few years ago, when we would have taken a glitzy spot on the floor, we’re now securing one of the balcony meeting spots, right next to firms like JP Morgan.” “This reflects both our growth and the evolution of the crypto industry. It feels like a significant shift forward,” said Shrager. The panel agreed that securing tough licenses in different regions and using them to gain consumer trust is a strong long-term strategy for DeFi marketers.

Sam Shrager

Marketers working under the umbrella of decentralised finance are faced with a constantly changing competitive environment. Speaking at Financial Promoter Live! – a London conference for senior financial marketers -- Sam Shrager, Chief Marketing Officer at BCB Group, underscored the importance of competitor intelligence strategies when constructing a marketing strategy.

EVENT CALENDAR

3-5 Jun Money 20/20 Amsterdam

13-15 Oct DAS London London

26-29 Oct Money 20/20 Las Vegas

15-17 Oct European Blockchain Convention Barcelona

29 Sep - 2 Oct SIBOS Frankfurt

1-2 Oct TOKEN2049 Singapore

6 Oct Capital Pioneer Digital Assets Summit London

SINGAPORE TOKEN2049 | 1-2 OCTOBER SEE YOU IN

THE REAL DEAL Circle Payment Network

Oliver Tonkin CEO BCB Group

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Building a network on stable foundations Stablecoins are poised to become a core tool for transforming international payments for everyone from private individuals to corporate treasury operations. BCB’s partnership in the newly announced Circle Payment Network (CPN) puts the group at the heart of one of the most ambitious projects in the field.

T he digital assets market can seem like a fragmented community of businesses – issuers, exchanges, payment service providers and many more entities that have carved out a place in the sprawling ecosystem. This profusion of businesses and innovation is in many ways one of the strengths of the sector, but a key feature to the next phase of the market's evolution will be ‘putting the jigsaw pieces together’. That is how Oliver Tonkin, Co-founder and Chief Executive of BCB Group, regards its latest partnership with stablecoin issuer Circle to build a global payments network. “It is a global network to enable fast, cheap cross border payments from country A to country B, using the benefits of Circle’s stablecoin products, USDC and EURC. Circle itself doesn't necessarily want to be that network, but it wants others to use its product to facilitate such a network,” Tonkin said. The comments echo those of Jeremy Allaire, Co-founder, Chairman and CEO of Circle: “Since our founding, Circle's vision has been to make moving money as simple and efficient as sending an email.” The selection of BCB to be a partner in the network project is a ringing endorsement of the group’s position as one of the leading operations in the fast-developing payments ecosystem. →

It is a global network to enable fast, cheap cross order payments from country A to country B, using the benefits of Circle’s stablecoin products, USDC and EURC. Oliver Tonkin

Kym Routledge Head of Compliance BCB Group

THE REAL DEAL Circle Payment Network

for investors and traders. It’s also been used for things like offshore gambling and the like. “Now we are seeing its evolution into mainstream use cases – cross border payments, remittances within and between emerging markets and large corporate treasury.” Evidence for this development into the mainstream is demonstrated by the mainstream banking groups that sit alongside BCB in the Circle payments network including Société Générale, Deutsche Bank and Standard Chartered. “We are definitely beginning to see corporate level use cases for stablecoins, because they’re more trusted now. USDC and EURC are trusted because they’re transparent, regulated, and you have visibility as the owner of the value of the coin in terms of reserves. “From a corporate point of view it's definitely regarded as more of a cash equivalent asset,” says Tonkin. This also echoes BCB’s growing number of direct relationships with banking groups. The future potential of stablecoins, however, will also depend upon a different type of stability and consistency – regulation. With different jurisdictions taking different approaches to stablecoins a global standard is lacking. Europe has established a relatively clear regulatory regime under MiCA, US regulation of stablecoins is expected to emerge later this year and is expected to be far less stringent.

→ “[Circle] went out into the market and looked for who were the key players in this space. We are sitting in the heart of that ecosystem and so were an absolutely logical choice to be one of its large partners,” said Tonkin. Regulatory first vital to attracting corporate users The partnership also reflects a shared approach to regulation between Circle and BCB. Both groups have embraced the European Union’s Markets in Crypto Assets (MiCA) regulations and are authorised by the same French authorities as Electronic Money Institutions – the core requirement for a MiCA compliant stablecoin issuance. Tonkin believes this shared regulatory first approach was an important factor in the partnership. Like many crypto businesses BCB regards MiCA as imperfect but nevertheless a valuable foundation for the next stage of crypto’s evolution, in particular in the adoption of stablecoin as a medium for international corporate and institutional transfers. Tonkin regards the regulatory-first approach and the development of new partnerships as the most positive way for stablecoin to make the next step into the financial mainstream. “Stablecoins of all kinds have been popular for a while, but the use cases have sometimes been quite esoteric and largely within the crypto native community, for example as a tool for treasury management by exchanges or as a kind of reserve

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STABLECOINS – THE CRYPTO-FIAT HYBRID

Jerome Prigent Managing Director BCB Europe journey to becoming part of the mainstream international payments infrastructure, the financial benefits it can provide businesses make that journey almost unstoppable. ◆ through corporate treasury operations, billions transferred daily between companies, divisions and subsidiaries in different markets the benefits to the corporate market are huge. Whatever the challenges facing stablecoin in its partnership deals) also highlights one of the rare features of the digital assets market – the often-blurred lines between partnership and rivalry in the industry. It’s a theme that Tonkin believes is one of the distinguishing features of the market and one that is vital to recognise if all digital assets businesses are to thrive. “I have thought about this a lot,” says Tonkin. “Most of us are competitors in some way and there are some companies that we regard as pure rivals. But in many areas, and stablecoins in one of those, there is something more important going on. Take Circle, it could probably try to build its own network, but its doesn’t want to do that. It is very happy to help form the ecosystem. “I think there is a, perhaps unconscious, sense of partnership across crypto. We compete, but many, if not most of us see that the biggest potential is in growing the pie and not just trying to eat each other’s lunch,” says Tonkin. With billions of USD (and other currencies) managed Stablecoins provide a unique solution for efficient international payments because they combine the blockchain technology of cryptocurrency but offer greater stability in value. Rather than having an entirely free-floating value determined by investors or speculators, stablecoins are pegged to a specific currency, for example the USD or EUR. Reputable stablecoins maintain this close correlation with a fiat currency because they are backed by cash or near-cash assets such as government bonds. Ensuring that a stablecoin has the assets to support its fiat peg is one of the key tenets of its regulation in Europe. So, while the value of stablecoins can deviate slightly from the currency to which they are pegged, they are not subject to the same volatility seen with pure cryptocurrency. It is this peg to a fiat currency, combined with the payments and transfer efficiency possible with a digital currency, that creates the unique use-value of stablecoins. Transferring money across borders to overseas divisions or to pay suppliers can be a laborious and slow process. Traditional payments can take days or even weeks to complete. Banks’ protocols, regulation and creaking payments systems technology creates delays and costs. A typical international payment via SWIFT takes anything between two and five days, with the time taken varying depending on factors outside of any business’ control. For example, in any given SWIFT payment at least two banks are involved (and sometimes more), each with its own processes and priorities and each may also deduct a fee for their role in the transfer. Payments can also be delayed or made more complex by the domestic payment networks of individual countries. In contrast, stablecoins can be transferred instantly, at lower costs and more transparently than traditional bank-based payments networks. Payments and transfers by stablecoin can cut through the multiple systems and third parties involved i n traditional methods, offering a unified payments system available to any business making cross-border payments.

Most of us are competitors in some way and there are some companies that we regard as pure rivals. But in many areas, and stablecoins in one of those, there is something more important going on. Take Circle, it could probably try to build its own network, but its doesn’t want to do that. It is very happy to help form the ecosystem. Oliver Tonkin Meanwhile in the UK, Chancellor of the Exchequer Rachel Reeves has launched a consultation on domestic regulation of stablecoin with proposals that are less rigorous than Europe and yet not quite so freewheeling as those expected in the US. The challenge created by this uneven regulatory playing field was recently highlighted by BCB Group’s Deputy Chief Executive Tim Renew. Speaking on a stablecoin panel at the Money 20/20 conference in Asia, Renew contrasted stablecoin regulation with that for tradfi banking. “There is still a lack of standardisation from a regulatory perspective, globally. In banking, we see more coordinated policymaking—like the Basel Agreement. We need more of that with crypto,” Renew said. But despite these obstacles, the potential of stablecoins is too great to be derailed. The emergence of bank-backed and bank-issued stablecoins is seen by many as a further transformational development, creating fiat-pegged coins backed by established financial institutions. The lower cost and faster transactions that stablecoins can deliver are already proving a huge attraction to large organisations with significant treasury operations for whom payment delays and the transfer costs of traditional payment networks can amount to significant sums of money. The partnership between multiple companies in the Circle Payments Network (and many of BCB’s other

COVER STORY Camille Tas

Camille Tas Head of Sales BCB Group

T here are four things that Camille Tas, BCB Group’s Head of Sales, hears most often from existing and prospective clients: stablecoin, cross-border, regulation and BLINC®. The terms highlight both the challenges and opportunities in the digital assets market and BCB’s flagship product that is proving most eye-catching to potential clients. BLINC is BCB’s instant payments system that allows account holders to transfer money to each other instantly and at no fee. It is also the biggest selling point for BCB right now, according to Tas. “We have been in the market since 2017, and we work with all the big names. The smaller clients coming to us know the bigger companies are already on BLINC and they want to transact with them as efficiently as possible,” she says. “Some even ask if they can have BLINC on its own, but of course it only works through a BCB account because all account holders have been onboarded with full compliance and AML checks, which is essential for making instant payments.” The potential for expansion in BLINC’s capabilities is considerable, Tas says. BCB accounts are available in 20 fiat currencies, but the aim is to add yet more. "We can really grow into making accounts and BLINC available into other currencies, like the Swedish krona and Norwegian krone for example.” Sales insights inform business strategy But as well as taking products and services out to clients, Tas’s role also involves feeding back to the company on what clients are saying, hearing what challenges they face and what new products and services are most in demand. → In a fast-moving sector like digital assets, listening to clients and addressing their needs and concerns is critical to staying ahead of the competition. Words on the street

We have been in the market since 2017, and we work with all the big names. The smaller clients coming to us know the bigger companies are already on BLINC and they want to transact with them as efficiently as possible.

Camille Tas

COVER STORY Camille Tas

→ “Listening to clients and feeding that back to other departments inside BCB is a really important part of what we do in sales,” says Tas. One of her key relationships is with Claire Barratt, Head of Banking Strategy and Partnerships, who is in charge of developing new banking alliances for BCB and aligning them with client needs. Tas and Barratt guide and inform each other in their priorities, combining a sense of what clients are asking while considering which potential partners are eager to forge links with the digital assets world. “Our clients and even potential clients may want to enter certain markets and can't find a partner. So, we have fortnightly calls with the banking team. They share insights from their conversations with partners and keep us informed on the progress of products that we might be able to add to our portfolio. And we provide feedback about anything we hear in the market,” Tas says. Beckoning global opportunities... and challenges “BCB is based in the UK, and authorised in France, so Europe is a big focus, but we are also looking at what is going to be the next big market that we want to enter. The United Arab Emirates is one area and naturally we took a team to TOKEN2049 in Dubai earlier this year. Asia Pacific is another region we are looking towards.” “One region we are hearing a lot about from clients and prospective clients is Africa,” says Tas. “The African market is a huge user of crypto assets in general, partly because domestic fiat currencies can be quite volatile. So, there is a lot of interest in using stablecoin as a store of value and converting into fiat as and when it is needed.” Stablecoins remain dominated by USD-denominated coins, but the market for stablecoins pegged to other currencies is expanding. BCB Group, for example, has announced deals involving EUR-denominated stablecoins with both Circle. EUR stablecoins are likely to prove attractive not only to businesses trading in that currency but also in emerging markets where some businesses may be looking to reduce exposure to the USD in their international transactions. The uncertainty surrounding the trade and economic policies of the unpredictable administration of Donald Trump is one factor that may encourage such de-dollarisation. But Trump’s America is also contributing to some uncertainty surrounding regulation of digital assets. The EU’s Markets in Crypto Assets (MiCA) regulation has provided much-needed clarity to the crypto industry, establishing a comprehensive framework that sets a new standard for regulatory certainty. In contrast, many other jurisdictions are still navigating unclear or incomplete rules. The UK, however, is beginning to close the gap with the recent release of a draft Statutory Instrument focused on crypto asset regulation. 1 BCB has been actively involved in the consultation process - alongside other major industry participants - helping to share the discussion around what these new rules should include, and ensuring they strike the right balance between innovation and oversight. “There is more and more knowledge out there among companies of all kinds about crypto,” says Tas, “but I do encounter a lot of uncertainty. MiCA is coming in, but the UK is consulting on regulation and there are all the changes with Trump, so there are a lot of question marks. “I get the sense that a lot of people are waiting for more confirmation on regulations before committing heavily to digital assets.”

Our clients and even potential clients may want to enter certain markets and can't find a partner. So, we have fortnightly calls with the banking team. They share insights from their conversations with partners and keep us informed on the progress of products that we might be able to add to our portfolio. And we provide feedback about anything we hear in the market Camille Tas

CRYPTO’S GENDER CHALLENGE

Regulatory uncertainties are doubtless a headwind to the expansion of the digital assets and payments market (see Regulation Radar page 28), but Tas is confident that these will prove to be bump in the road. A head of steam has built up behind digital assets and stablecoin in particular, which Tas says is a great opportunity for BCB. “If we keep listening to clients and potential clients and ensure we continue to deliver what they are looking for then I think we have a very promising future ahead.” ◆ “I have never wanted us to be a company that sets human resources targets to make itself look good. I think we have ended up with a really good gender balance mainly because of our company culture. It's about the whole package, the employee benefits that are very family orientated for both men and women, and the collaborative atmosphere,” she says. “If you hire the best people without fear or favour, and you have a positive and collaborative culture so you retain those people, you can get a long way towards having a representative workforce without having to set artificial targets.” BCB stands out in the male-dominated world of digital assets, according to Rachel Ramsay, Head of People at BCB Group. "We have pretty much a 50/50 split from a gender perspective and that includes our senior leadership team which is 50% women,” says Ramsay. Culture breeds diversity The pipeline of talent is a key constraining factor in technology where women are underrepresented in science technology engineering and maths (STEM). According to the European Commission, only one in three STEM graduates and only one in five information communication and technology graduates in Europe are women. 2 Inevitably, therefore, technology departments across all industries are predominantly male. “Our tech team is predominantly male, and we are making efforts to improve that,” says Ramsay, “We’re hiring at the moment, and we have asked the agency specifically for a diverse pool of candidates.” Ramsay, however, says hiring must always be based on merit and, while BCB has a 50/50 gender split, artificial targets and tick boxes have never been the approach. Technology and financial services have long been male- dominated industries. Can crypto break the mould? Cryptocurrency has often been derided for its gender imbalance, and the stereotypical swaggering or nerdy ‘cryptobro’ is an enduring image, particular among those outside the industry. In part, this image is not entirely unearned. Estimates for the proportion of women working in the crypto industry vary widely ranging from just 10% to 25%. But even this higher figure suggests crypto is hardly an industry at the cutting edge of diversity. Yet this general picture does not hold true everywhere. There are many women in senior positions in the industry and in many companies including BCB women are well represented across the workforce. According to Camille Tas, BCB Group’s Head of Sales, there has been a clear shift in recent years toward a more even gender balance in crypto, though there may be some way to go. “I started my career in the database sector and then I went into fintech, so I am very used to a male-dominated industry,” says Tas. “In the database sector I was often the only woman in the room and, until a few years ago, crypto conferences were similar. There would be just a handful of women; so few of us in fact, that we all knew each other and saw each other at events again and again. But things have evolved positively, and I see more and more women attending the conferences.”

I have never wanted us to be a company that sets human resources targets to make itself look good. I think we have ended up with a really good gender balance mainly because of our company culture. It's about the whole package, the employee benefits that are very family orientated for both men and women, and the collaborative atmosphere. Rachel Ramsay

1. https://assets.publishing.service.gov.uk/media/ 680f6387faff81833fcae94b/0302425_draft_RAO_SI.pdf 2. Women in Digital | Shaping Europe’s digital future

HYPE New Joiners

Scaling new heights for BCB products

Driving a clear strategy while allowing innovation to flourish are the keys to a successful product department, says BCB’s new Chief Product Officer Valentin Vincendon.

I t could never be said that Valentin Vincendon lacks energy and grit. Over the last 10 years, his career has spanned strategic consulting, financial services and technology groups including some of the biggest names in their respective industries. But his energy is not restricted to work. When not building products and strategy teams, Vincendon is an ambitious mountaineer who is steadily working his way through some of the world’s tallest peaks. Naturally he has scaled Mont Blanc, the tallest mountain in his native France. More recent expeditions include Toubkal, the highest peak in North Africa, and earlier this year, Cotopaxi, the still active volcano in Ecuador with a peak of more than 19,000 feet. The role of Chief Product Officer at BCB Group may not involve the same physical endurance, but it is clear that Vincendon brings comparable mental energy and determination to his work as he does to the slopes and crags of the Andes. When not up a mountain, there is nowhere Vincendon would rather be than in the world of digital finance. “Digital assets and payments are among the most revolutionary innovations of the century so far in terms of the scale of decentralisation, impact on society and in the way it brings together a lot of really smart creative people. Once you’ve tried it, it is really hard to go into another industry because you will never find the same drive and creativity anywhere else,” Vincendon declares. “BCB is very much at the interface between digital assets and payments, which is where my own career journey has brought me.” The path to digital assets seems to have been defined early in Vincendon’s career. A student, first of physics and

maths and then economics and finance, led to jobs in consulting at McKinsey and in private banking at JP Morgan. His previous experience also includes roles as VP Strategy at Checkout.com and Head of Product at Dolfin. He has also been an angel investor and adviser to a number of scaleup companies in both technology and financial services. Immediately prior to joining BCB, Vincendon was Chief Product Officer at Copper.co.

Top down and bottom up Despite his eminently relevant experience in tech and finance, Vincendon places his focus firmly on people, teams and culture. “It’s my role in building teams, at both Checkout.com and Copper.co, that I am really proud of,” he says, “At Checkout.com, that was building part of the product team from scratch, then building the whole data team and scaling part of the strategy team.” He also sees his skills as ideally suited to a company at a watershed stage in its growth. “BCB is absolutely the right challenge for me in terms of people – they have hired quality people across the company – and in terms of scale. BCB has always had keen focus on culture, and, in the next stage of its development -- between 150 and 500 people -- has the perfect opportunity to build on its achievements.” he says. “If you scale without getting the culture right it can then be too late.” According to Vincendon, the trick is a combination of top-down and bottom-up management and an unwavering optimism about what can be achieved. “As a manager, you might have the right ideas, but you need to bring people along in the journey and that is something that you can't compress. You have to bring understanding and a framework to people but let them drive that change organically as well. So, there has to be a very deliberate balance between top down and bottom up. Top down is vital, if you don't bring people along with you, you're failing as a leader. But at the same time, if you're telling people exactly how to solve a problem, you can be really destroying the value of the business again, especially in product,” he says.

BCB is very much at the interface between digital assets and payments, which is where my own career journey has brought me. Valentin Vincendon

His product team are people who want to create, who want to change the world, to create new value, new products. “As a leader you must be able to step back and let that innovation happen, even if sometimes it takes more time. Otherwise, you are just killing that spirit of innovation.” For Vincendon, this is the tricky and interesting bit. “At the end of the day, if you don't have a team that works well together, that is self-confident enough to stand for what they think is right, to have constructive conversations, healthy conflict resolution and so on, then you're not going to be able to build the right product.” Conquering the corporate peaks Getting the internal team and culture right is fundamental for Vincendon, but its purpose is outward looking to deliver the products and grow the business. The opportunities for growth in digital assets are vast, with certain prospects offering the chance to change the game at scale. In specific product and capability terms, Vincendon identifies stablecoin applications and the market for yield-bearing assets. These, he argues, will be the key to unlocking the huge potential of the corporate market. “Retail adoption was first, and you can build products that are nice, more intuitive and better to interact with. Then you can look at the financial institutions, and that was the last cycle where a lot of the companies, a lot of the large startups and scaleups, really went for innovation to build use cases for finance.” This cycle included BCB most of whose clients are financial institutions. “That is still very important and there is still a lot to build,” he says. “But the next stage is going to be corporates and corporate use-cases. There is a huge market there and corporate balance sheets are insanely big.” Key to opening up the corporate market is the task of ‘category creation’, Vincendon says, building a market with a new product that clients and potential clients may not even be aware are possible. “Henry Ford is supposed to have said that if he had asked people what they wanted, they would have said ‘a faster horse’ and of course you could breed a faster horse. People did not realise that what they wanted was a car, because the category ‘car’ did not exist. →

Valentin on Chimborazo

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