SBI Financial Services, subsidiary of SBI Holdings Inc, a Japanese corporation has purchased the UK-based cryptocurrency trading company B2C2 and becomes the first major financial group to operate a digital asset dealing desk. As per Reuters, there was no disclosure of financial terms.
The deal follows the decision by SBI Financial Services in July this year to take a minority interest in B2C2. Earlier in 2016 Ripple raised $55 million in funding from SBI holdings.
Although cryptocurrencies have been around for over a decade, over the past few years, they have been gain of attention by established financial corporations. The acquisition, which represents the latest development in crypto by a major financial company, may continue to make the emerging asset class more popular.
— B2C2 (@B2C2Group) December 15, 2020
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.”
As per Businesswire, 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 firm 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.”
SBI hope that the acquisition would build the ideal counterparty for mainstream financial firms seeking to invest in cryptocurrencies, “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,” said Yoshitaka Kitao, president and CEO of SBI Holdings.
About SBI & B2C2
As a leader in Internet-based financial services, SBI Holdings, Inc. with a market capitalization of $4.4B was founded in 1999 and based in Tokyo, Japan. In a broad variety of categories, including securities, biotechnology, finance and insurance, SBI offers financial services and has created the world’s first Internet-based financial conglomerate. B2C2 was founded in 2015 and is one of the best-known trading firms for cryptocurrencies. It lets brokerages, exchanges and managers of funds make large trades in virtual coins.
— Fyggex (@fyggexchange) August 12, 2020
Image: Yoshitaka Kitao, President and CEO of SBI Holdings (facebook.com/yoshitakakitao/photos/949233291831358)
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