- B2C2 team to grow to 70 people in the near future
- B2C2 team member to move to SBI offices
SBI Financial Services, the subsidiary of SBI Holdings Inc takeover B2C2, a cryptocurrency firm from the UK. The company will run the digital asset dealing desk. After joining hands with B2C2, SBI is the first financial group to run the cryptocurrency business. The deal has been signed on Tuesday 15 December 2020 but the financial terms have not been disclosed yet.
B2C2 is one of the famous cryptocurrency companies in London. It was formed in 2015 to help brokers, exchanges and fund managers to do business in digital currency. It is to be noted that the clients of SBI have been trading through B2C2 since July when the company acquired a little stake of B2C2.
Both SBI and B2C2 have a positive approach towards the acquisition and believe that the clients will have the choice for mainstream financial firms who wants to invest in cryptocurrencies. Yoshitaka Kitao, President and CEO, SBI Holdings is very positive about this partnership and hopes that the expertise, vision and offering that B2C2 brings with it gels well with the SBI Holding. SBI Holdings is expanding its horizon and geographies and look forward to working in this partnership with a positive approach.
According to the deal, B2C2 employees in Japan will move to SBI Holdings offices. B2C2 Founder, Max Boonen hopes to increase the B2C2 team to 70 people in the coming months. Currently, B2C2 has only 50 people on the team.
The deal between the two giants will help the companies make the nascent asset class more mainstream. This deal will help the two giants to gain mutual benefits and has been done at a time when Bitcoin is on an upward swing and is on a record high against the dollar. From quite some time, the demand for bitcoin has been increasing by the investors who see digital currency as a lucrative option to invest and is best to invest during inflation to save funds.
The virtual currency has become popular of late and is attracting a lot of attention from the investors and big companies. The investors are investing in cryptocurrencies for more than a decade now and seeing the overall growth in the crypto market, big companies are attracted towards this mode of investing.
Japan’s Nomura Holding Inc and Fidelity Investments are the companies who are investing in the digital currency in big time and safeguarded virtual coins for institutional investors. S&P Dow Jones Indices will also launch cryptocurrency indexes next year soon. The services offered by these companies and others will give institutional investors more room to invest.