Japanese financial group SBI Financial Services has announced the acquisition of the United Kingdom-based crypto services firm B2c2 for an undisclosed amount. The purchase helps the Asian financial giant to become one of the mainstream financial institutions to have a full-fledged digital asset trading desk.
A New Opportunity
In a report, the two companies laud the partnership which they hope “will create the counterparty of choice for mainstream financial firms looking to invest in cryptocurrencies.” Prior to the latest acquisition, SBI had bought a minority stake in the crypto firm back in July and that deal had opened the door for SBI’s “clients to trade through B2c2’s platform.”
Before engaging B2c2, the Japanese financial giant had over the years forged partnerships with other crypto companies as it sought to tap into the nascent asset class. The acquisition of B2c2, a firm that helps exchanges and fund managers make large trades in digital currencies, presents an opportunity for the Asian financial giant. Many more institutional investors are buying bitcoin which they see as a hedge against inflation.
This growing institutional investor interest has helped to sustain the current bitcoin bull-run. The high demand for BTC has resulted in the digital asset reaching a new all-time high therefore attracting more investors. SBI hopes the acquisition will help the financial giant to expand its operations globally.
In his remarks following the announcement of the deal, SBI Holdings CEO Yoshitaka Kitao commends the acquisition, saying:
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.
As part of the acquisition deal, B2c2’s team in Japan will move into SBI’s offices according to Max Boonen, the crypto services firm’s founder. Boonen adds that he expects B2c2’s team to grow to 70 people over the coming months from the current 50.
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