Japanese financial group SBI Holdings subsidiary SBI Financial Services has acquired the UK-based crypto trading firm B2C2.
The deal’s financial terms were not disclosed, but with this acquisition, which was announced by the companies on Tuesday, it will make SBI the first major financial group to run a digital asset dealing desk.
Founded in 2015, B2C2 helps exchanges, brokerages, and fund managers make large trades in digital assets.
SBI first acquired a minority stake in the crypto firm in July, and its clients have already been using the platform to trade crypto assets. With the latest deal, the companies want to help the mainstream financial firms invest in cryptocurrencies. Yoshitaka Kitao, president and CEO of SBI Holdings said,
“Their (B2C2’s) vision, expertise and offering complement SBI’s, and we look forward to working in partnership as we expand our footprint across the global markets.”
B2C2’s team in Japan will now move into the SBI’s offices as part of the acquisition. Max Boonen, the founder of B2C2, expects the team to grow from the current 50 to 70 people over the coming months.
This is no surprise for the crypto market; in 2020, everyone wants a piece of digital assets as Bitcoin soars to new all-time highs, breaking the crucial $20,000 price; Altcoins are rallying as well.
S&P Dow Jones Indices and Cboe Global Markets have announced the launch of their crypto index in 2021 while several mainstream financial and insurance firms, hedge fund managers, high net worth individuals have been investing in Bitcoin as a hedge against inflation and devaluing fiat currencies around the world.
“A lot of people have been dismissive for a long time,” Boonen said in an interview.
“Bitcoin’s price at an all-time high has put concerns to rest.”