just now
December 15, 2021 - SBI Financial Services, the subsidiary of SBI Holdings (“SBI”), today announced the acquisition of institutional crypto market maker B2C2. The transaction follows SBI Financial Services’ agreement to take a minority stake in B2C2 in July this year.
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 conglomerate 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.
