SBI Group buys UK-based cryptocurrency trading firm B2C2

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Dec 16, 2020
  • SBI group bought a $30 million stake in B2C2 in July before making the complete purchase.
  • The deal will enable SBI group to reinforce its presence in the cryptocurrency industry.
  • SBI wants to provide a wider window of opportunity for mainstream investors looking to invest in crypto.

Japanese financial giant SBI Holdings Inc has bought U.K.-based crypto trading firm B2C2. The deal has made the company the first major financial services firm to operate a digital asset dealing service.

According to an announcement by SBI yesterday, it wants to reinforce its presence in the crypto industry.

Financial terms not disclosed

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Some details of the deal, including the financial value of the acquisition, was not disclosed to the public. B2C2 was established in 2015 and has grown to become one of the top crypto trading firms. It enables fund managers, exchanges, and brokerages to carry out large trades in virtual coins.

Both companies hope that the deal will offer a wider window of opportunity for mainstream investors and firms who are looking to invest in the cryptocurrency industry.

President and Chief Executive Officer of SBI Holdings Yoshitaka Kitao said B2C2’s vision complements that of SBI.

“We look forward to working in partnership as we expand our footprint across the global markets,” he added.

SBI bought a $30 million stake in July

SBI bought a minority stake in the firm in July but decided to make a complete swoop of the company this week.

Based on the report about the deal at the time, SBI bought a $30 minority stake in B2C2, which has proven to be SBI’s first step towards future deals.

Kitao also stated that B2C2 is highly regarded in the crypto market with its world-class products and services, valuable client base, and superb technology.

Founder and Chief Executive Officer of B2C2 Max Boonen also commented on the deal. He said that the recent unprecedented rise in the value of Bitcoin (BTC) has shown that cryptocurrencies will no longer be neglected in the financial sector.

Boonen also reiterated that cryptocurrencies can have a massive impact on the financial market within the next 10 years. So, B2C2 is proud to be part of that evolution taking place at SBI.

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