By Mark L - Cryptocurrency Specialist - 30-07-2021
State Street Corporation, a well-known American financial service provider and bank holding corporation are strengthening their drive into the cryptocurrency business by releasing new digital asset services. State Street has started to work with the brand Lukka to release new types of crypto-asset services after heading the firm's Series C fundraising round in late 2020.
State Street happens to be the country's second-oldest running bank. Just Thursday, the bank announced that it would launch its new digital and crypto asset management services to its private fund clients. The bank provides its private fund clients with full access to a suite of commercialised services to manage diverse portfolios.
State Street made a binding arrangement with Lukka, a U.S. based blockchain analysis and software platform focused on producing audit-ready data on large Bitcoin purchases. State Street is known for investing in the business Lukka, as part of their December 2020 Series C fundraising campaign.
As part of this collaboration, State Street will grant access to a portion of Lukka's unique products. This will include multi-layered pricing and transaction data, and their middle- and back-office data management solutions built for blockchain and digital asset analysis. State Street will then be enabled to acquire more crypto assets alongside their usual portfolios of private clients that also invest in cryptocurrency.
The new State Street Digital unit is centred on multiple features, including Crypto, blockchain technology in banking, central bank digital currencies (CBDC), and tokenisation research and tools.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards