Economy, News & Updates

Japanese Bull acquired a UK-based Crypto Firm

SBI Holdings, a Japanese banking and securities giant, has had a bullish year in crypto-verse – and it isn’t done with 2020 yet. The banking firm has advertised its first significant overseas crypto acquisition contract – closing up the UK-based crypto liquidity provider and brokerage B2C2 for a confidential aggregate.

During a press release, SBI Financial Services, a subsidiary of parent company SBI Holdings, declared it had sealed the deal to make it the “world’s first financial conglomerate to open a cryptocurrency dealing desk” by obtaining what is described as a “pioneering liquidity provider.”

The progress is about as competitive as they come – especially because SBI proceeded to buy a USD 30m minority stake in B2C2 a mere six months ago.

SBI manages several crypto-related subsidiaries, including its national crypto exchange, SBI VC Trade, and the mining firm SBI Crypto.

The deal also signifies the first time a high-profile Japanese company has completely bought a European crypto firm.

SBI declared that its partnership with B2C2 had already proven especially fruitful, revealing,

“Over-the-counter volumes have quadrupled, cementing B2C2’s position as the Number 1 liquidity provider in the market. Also, the integration of B2C2’s state-of-the-art market-making systems with SBI’s new digital exchange has resulted in a ten-fold increase in daily volumes.”

Max Boonen, the founder of B2C2, was cited as stating that uniting the companies’ respective platforms was “well underway,” with “both firms’ client bases already benefiting from our combined capabilities.”

And Yoshitaka Kitao, the CEO of SBI Holdings and a Ripple board member, stated,

“We look forward to working in partnership [with B2C2] as we expand our footprint across the global markets.”

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