BCB Group launches treasury service to help corporations buy bitcoin
February 19, 2021, 7:50AM EST
1 min read
Crypto trading firm BCB Group announced Friday that it has launched a treasury service to help companies buy bitcoin and other cryptocurrencies on their balance sheets.
The solution, dubbed BCB Treasury, helps corporates trade, store and manage cryptocurrencies as part of their treasury strategies.
Falcon Corporate Services FZC, a Dubai-based public relations and advertising firm, is BCB Treasury's first client, CEO Oliver von Landsberg-Sadie told The Block.
Falcon has allocated 75% of its corporate treasury into bitcoin via BCB Treasury, which equates to "several million dollars," said Landsberg-Sadie. Other clients are being onboarded, he added.
Investing in bitcoin as part of corporate treasury appears to be in the limelight after Elon Musk's Tesla disclosed earlier this month that it bought $1.5 billion worth of bitcoin in January.
Tesla became the third U.S.-based publicly-traded company to invest in bitcoin after Michael Saylor's MicroStrategy and Jack Dorsey's Square. Square's sister company Twitter is also considering the addition of bitcoin to its balance sheet, CFO Ned Segal said earlier this month.
Bitcoin's price has jumped sharply in recent months. At press time, it is trading at around $52,700.