Japanese financial services company SBI has obtained 90 per cent interest in trading firm B2C2, aims to lure institutional investors to crypto.
Japan's financial giant SBI has launched another cryptocurrency purchase in a bid to add further adoption to the sector.
SBI Financial Services, a division of SBI Holdings, has purchased the UK-based crypto trading company B2C2.
According to the official announcement of Dec. 16, SBI bought a 90 per cent interest in B2C2, rendering it a subsidiary. The purchase was done on December 15, the announcement says.
With the latest acquisition, both SBI and B2C2 plan to create further trading options for mainstream financial institutions seeking to invest in crypto.
Yoshitaka Kitao, 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,” Kitao noted.
Max Boonen, founder and CEO of B2C2, emphasized that Bitcoin’s (BTC) new all-time highs recorded in 2020 have once again proved that crypto assets are “not negligible in the financial industry.” Boonen added: “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.”
Created in 2015, B2C2 is one of the world's most successful crypto trading firms for retail investors, with offices in the United States, Japan and the United Kingdom. As part of the purchase, the B2C2 staff will shift to SBI's offices in Japan, according to Boonen. It also plans B2C2 to recruit up to 20 additional staff after the purchase.
The latest deal follows a tentative merger agreement made earlier this year.
As previously stated by Cointelegraph Japan, SBI and B2C2 revealed a big alliance on 1 July 2020 with SBI signing an arrangement to buy a minority interest in the crypto business.
As part of the agreement, SBI has reportedly allowed its clients to trade through the B2C2 platform since July.
SBI Holdings revealed a joint crypto partnership with Switzerland's largest stock exchange, SIX Swiss Exchange, in mid-December.
The companies will introduce a digital asset portal in Singapore as part of the project, subject to regulatory approval by the Singapore Monetary Authority.
