Financial products provider, Moneybrain, has joined forces with BCB Group to become the world’s first fully regulated issuer of a cryptocurrency wallet.
The Moneybrain BiPS wallet allows customers to purchase digital currency using Visa or Mastercard. Implementing BCB Group’s payment infrastructure, Moneybrain has now created a real-world digital money bridge which permits the purchase of BiPS in multiple currencies.
The move comes following the news that the FCA are implementing strict data protection guidelines for all cryptocurrency businesses around the globe, setting a January 2020 deadline for traders to be fully compliant. Following the introduction of GDPR in May 2018 Moneybrain BiPS already meets these new regulations and only strengthens its position as a market leading digital currency.
Lee Birkett, founder and CEO of Moneybrain, said: “This is a significant moment for Moneybrain BiPS. We’ve been able to achieve something that other cryptocurrencies haven’t, and it shows that Britain is leading the way when it comes to trading cryptocurrency. Thanks to BCB Group’s banking infrastructure BiPS is in an extremely strong position and our customers can buy and sell currency in a safe, secure environment.”
BCB Group is a financial services enterprise, with particular experience in the digital asset space, which made them the perfect partners for the Moneybrain BiPS project.
Oliver von Landsberg-Sadie, CEO of BCB Group, said: “The Moneybrain team are kindred spirits of BCB in that they’ve taken a regulation-first smart tech approach to their innovation, including BiPS and beyond. This makes it really easy for us to provide the core components of their payments infrastructure, sustainably, and we at BCB Group are looking forward to participating in Moneybrain’s growth story.”
Lee continued: “We’ve worked extremely hard to get to this point and thanks to the efforts of our team at Moneybrain and the partnership with BCB Group the future looks extremely bright. The cryptocurrency market is constantly evolving, and this is another significant step in making it accessible to everyone.”