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The MoonPay cryptocurrency payment app has entered into a strategic partnership with BCB Group, a business-to-business provider of bank rails for crypto companies.
The partnership involves MoonPay acquiring a significant stake in the BCB group, the companies said, stressing that the deal did not fall under the category of mergers and acquisitions. Details of the deal between the two London-based companies were not disclosed.
Maintaining reputable and reliable banking relationships remains one of the great challenges facing crypto companies. BCB Group, which has banking deals with UK-based ClearBank, provides account and payment processing for Bitstamp, Coinbase, Galaxy, Gemini, Huobi and Kraken.
MoonPay provides an API that supports various KYC and anti-fraud requirements for retail businesses, creating crypto-to-fiat entry and exit ramps for approximately 80 cryptocurrencies worldwide. . In March of this year, MoonPay hired former Coinbase UK CEO Zeeshan Feroz as chief growth officer.
The two companies combined are actually a force to be reckoned with, Feroz told CoinDesk in an interview, adding:
MoonPay does that last mile of everything a business needs, and BCB is behind that in terms of payments and bank rails. By bringing the two companies together, we could align a growth strategy that naturally benefits both companies.
BCB will continue to focus on the heavy lifting of the banking infrastructure, while MoonPay brings expertise in processing highly scalable crypto-native payments, said Oliver von Landsberg-Sadie, CEO of BCB Group.
We are business-to-business specialists, and they are business-to-consumer specialists, Landsberg-Sadie said in an interview. But the depth of the infrastructure we both are building is so intertwined that it was now able to serve this entire B2B2C chain together.
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