Japanese Finacial Group SBI Acquires Crypto Trading Firm B2C2
SBI financial service has acquired B2C2, one of the largest crypto trading platforms. SBI Financial is a subsidiary of the Japanese group SBI Holdings INC. while B2C2 is a UK-based cryptocurrency trading platform founded in 2015. The deal makes BSI Financial the first major financial institution to have a digital asset-dealing desk.
Since SBI acquired a minority stake in B2C2 in July 2020, it has been allowing its clients access to B2C2's services. B2C2's over the counter trading volumes have allegedly tripled since the beginning of the partnership.
The two companies hope that through their partnership, they will provide the counterparty of choice for financial firms that want to invest in digital assets.
"Their (B2C2) vision, expertise, and offering compliments SBI's and we look forward to working in partnership as we expand our footprint across the global markets," Yoshitaka Kitao, president and CEO of SBI holdings.
The acquisition, which is the latest (and perhaps most significant) move by a large financial institution in the crypto space, will help make crypto assets more mainstream.
The deal comes at a time when Bitcoin is soaring to new heights against the dollar, and investors are considering digital currencies as a hedge against inflation and a safe-haven asset.
B2C2 founder Max Boonen 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 have been better for SBI a financial conglomerate admired for its farsightedness, who is not merely dipping in but opening a new chapter for the industry.
According to a report by The Block, B2C2 has been using its relationship with SBI to lure a number of large trading houses in Japan including Mitsui and Mitsubishi.
"The crypto scene is definitely very new to them, so they've never really had a need for it. They have only invested in crypto-related projects. We're starting to see a real interest from these guys." Commented Yamazaki, B2C2's VP of sales and trading for APAC.
Although the financial terms of the deal were not revealed, it is expected that it will serve as the foundation for a new crypto asset-trading desk by SBI. Boonen announced that B2C2's team in japan will move into the SBI's offices as part of the acquisition. The team is also expected to grow from 50 to 70 members in the next couple of months.
About the author:
Jay Jackson is a blockchain enthusiast and a freelance writer at topcryptowriter.com. He works closely with brands (people, businesses and startups) in the crypto sphere. He currently writes Blog posts, Guides, Press releases, ICO reviews, eBooks & Whitepapers. You can find him on LinkedIn.
The above references an opinion and is for informational purposes only. Do not take this as personalised financial advice or investment advice. The views expressed by the author do not necessarily represent the opinion of BitPrime.
Last updated: 17/12/2020