SBI is positioning itself at the center of the cryptocurrency and digital asset markets by acquiring crypto trading firm B2C2, which will serve as a liquidity provider while the financial giant expands new services to its millions of customers.
The Japanese financial group, SBI Group, is betting heavily on the cryptocurrencies, and digital assets. Now, in a new announcement released by Businesswire, the company's subsidiary SBI Holdings Inc.SBI Financial Services has revealed the acquisition of cryptocurrency and digital asset trading company B2C2, which maintains its main headquarters in London, and with which it will open the world's first cryptocurrency and digital asset trading desk.
B2C2 confirmed the announcement, publishing a release official where it states that the Japanese conglomerate agreed to take a minority stake in B2C2 for a total amount of $30 million in July of this year. According to the founder of B2C2, Max BoonenThe company's integration with SBI is well underway, and clients of both are already benefiting from the influence that cryptocurrencies and digital assets have on today's financial markets. According to Boonen, the digital industry market is in full development, and SBI could not have chosen a better time to open a new chapter in this growing industry.
Boonen said B2C2 is very proud to join SBI as both companies share a bold vision for the future of cryptocurrencies. Meanwhile, SBI Holdings President and CEO, Yoshitaka Kitao, noted that the integration of B2C2 responds to the potential of this company within the industry, highlighting its reputation, technology, experience and its “valuable customer base.”
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The world's first digital asset trading desk
Kiao also noted that B2C2 has a vision, experience and service offering that complements SBI. The financial group plans to continue working in partnership with the B2C2 team as it expands its offering and presence in markets globally, and is introducing the world’s first open trading desk for cryptocurrencies and digital assets. With this, SBI positions itself as the first company with a crypto trading desk, and opens the doors to institutional investors looking to have a counterparty to access trading and trading in digital assets.
The SBI representative also highlighted that the opening of this trading desk is a world first, which will foster the growth and interest of financial institutions in cryptocurrencies as a new asset class.
“The combination places SBI at the center of the cryptocurrency markets, becoming the natural entry point for financial institutions to trade digital assets. SBI’s brand, talent, technical expertise, and B2C2 trading capabilities enable SBI to open a main trading desk in a world first.”
Opening OTC operations
B2C2 also announced that it will serve as the primary liquidity provider for SBI, and that institutional clients can trade with the financial group through its digital asset trading platform. This partnership will allow for the creation of liquidity transactions OTC (Over The Counter) where participants will be able to carry out large-volume buying and selling operations of cryptocurrencies and digital assets directly and without disrupting the markets.
According to the company, OTC trading volumes have quadrupled, further consolidating B2C2’s position as the number one liquidity provider in the market. The company also highlights that the integration of B2C2’s state-of-the-art market making systems with SBI’s new digital exchange has proven extremely positive for the market, reflecting a tenfold increase in daily volumes.
SBI Group has a capital of more than 1.000 billion dollars, according to Businesswire data as of November 30 of this year.
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