SBI Financial Services, a subsidiary of SBI Holdings, has acquired United Kingdom-based crypto trading firm B2C2.
It has been reported that SBI has purchased a 90% stake in B2C2 by making it a subsidiary. The acquisition was completed on December 15.
However, with the new acquisition, both SBI and B2C2 intend to bring more trading opportunities for mainstream financial firms looking to invest in crypto.
Yoshitaka Kitao, the President and CEO of SBI Holdings, said that B2C2’s vision and expertise complement SBI’s.
“We look forward to working in partnership as we expand our footprint across the global markets.”
Likewise, Max Boonen, the founder and CEO of B2C2, emphasized that Bitcoin’s new all-time highs recorded in 2020 have once again proved that crypto assets are “not negligible in the financial industry.”
Two years from now, we will look back and wonder how so many crypto businesses managed to operate without #automation and a proper separation between execution, settlement, financing and custody, writes @maxboonen https://t.co/RTfI0U4OBf #cryptotrading #innovation #fintech — B2C2 (@B2C2Group) July 3, 2020
“Crypto assets can have an increasing impact on the financial market in the next decade and we are proud to be at the forefront of this evolution in SBI.”
According to Boonen, as part of the acquisition, B2C2’s team in Japan will move into SBI’s offices. He also expects B2C2 to add up to 20 new employees following the acquisition.
The new deal follows a preliminary acquisition agreement made earlier this year.
As it has been reported earlier, SBI and B2C2 announced a major partnership on July 1, 2020, with SBI reaching an agreement to acquire a minority stake in the crypto firm.
Thus, SBI has allowed its clients to trade through B2C2’s platform since July as part of the deal.