SBI Financial Services, the subsidiary of SBI Holdings (“SBI”), today announced the acquisition of B2C2, the trading counterparty of choice in the institutional crypto markets. The transaction follows SBI Financial Services’ agreement to take a minority stake in B2C2 in July this year.
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B2C2 Founder Max Boonen (Photo: Business Wire)
The combination positions SBI at the centre of the cryptocurrency markets, becoming the natural entry point for financial institutions seeking a bank counterparty to trade digital assets. B2C2’s brand, talent, technical expertise and trading capabilities enable SBI to open a principal dealing desk in a world first.
Yoshitaka Kitao, President and CEO of SBI Holdings, said: “B2C2 has an exceptional reputation for its world-class products and services, superb technology and valuable client base. Their vision, expertise and offering complement SBI’s, and we look forward to working in partnership as we expand our footprint across the global markets.”
Max Boonen, Founder of B2C2, said: “With Bitcoin hitting an all time high this month, it is dawning on everyone in finance that crypto is here to stay. The timing could not be better for SBI, a financial firm admired for its farsightedness, who is not simply dipping in but opening a new chapter for the industry. The integration is well underway, with both firms’ client bases already benefiting from our combined capabilities. We share a bold vision of the influence that crypto will exert on financial markets over the coming decade. We are proud to join SBI at the forefront of this evolution.”
Milestones since SBI’s initial investment include the appointment of B2C2 as primary liquidity provider, whereby institutional clients can now trade with SBI through B2C2’s platform. Since the partnership, OTC volumes have quadrupled, cementing B2C2’s position as the #1 liquidity provider in the market. In addition, the integration of B2C2’s state-of-the-art market making systems with SBI’s new digital exchange has resulted in a ten-fold increase in daily volumes.
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SBI Holdings, Inc. was established in 1999 as a pioneer of Internet-based financial services. The company provides financial services in a wide range of categories, including securities, banking and insurance and has formed the world’s first Internet-based financial conglomerate. The company has also expanded its business into biotechnology, including research and development and sales related to pharmaceuticals, health foods and cosmetics. For more information, please visit https://www.sbigroup.co.jp/english/
B2C2 is a veteran digital asset trading group with a world-class team drawn from global investment banks and buy-side firms. Founded in 2015 and headquartered in the UK, with offices in London, Tokyo and Jersey City, B2C2 is trusted by banks, brokerages, exchanges and fund managers globally to provide 24/7 liquidity. Continuously innovative, B2C2 launched the first crypto-native single dealer platform in 2016 and was the first foreign dealer to succeed in the Japanese market. In 2019, the firm launched the first OTC streaming price feed and was the first crypto company in the EU to secure a MiFID investment firm licence. B2C2 OTC Ltd. is authorised and regulated by the UK’s Financial Conduct Authority (FRN 810834). For more information, please visit https://www.b2c2.com