BCB Group, a London-based startup providing banking services to crypto firms, has raised $4.5 million in new funding.
The strategic funding round was co-led by North Island Ventures and Blockchain.com Ventures, with participation from Pantera Capital, L1 Digital, and Pack Capital.
With fresh funds at hand, BCB Group looks to expand its offerings, including the newly launched BCB Treasury service that helps firms buy bitcoin on their balance sheets. The group also looks to grow its yield account and wealth partner services. The former allows clients to earn a return on their crypto holdings, and the latter serves private wealth clients.
BCB Group provides crypto trading and custody services as well. The firm said it had seen 19x volume growth over the last twelve months. Last month alone, BCB said, it processed over $4 billion in payments and trades.
The strategic funding round brings BCB Group's total funding to date to $5.5 million. The firm had previously raised $1 million in a seed round in March 2019.
Looking ahead, BCB plans to raise an additional $10 million to $15 million later this year, the firm told The Block.
Just last month, former Coinbase U.K. CEO Zeeshan Feroz joined BCB Group as an advisor.