Japan’s financial firm SBI completes another crypto-related acquisition. SBI Financial Services, a subsidiary of SBI Holdings, has purchased the UK-based crypto trading company B2C2.
According to an official Dec. 16 announcement, SBI purchased a 90% stake in B2C2, making it a subsidiary. The acquisition was completed on Dec. 15, the announcement notes.
With the latest acquisition, both SBI and B2C2 plan to provide more trading options for mainstream financial companies 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.”
Founded in 2015, B2C2 is one of the world’s most popular crypto trading companies for institutional investors, with offices in the United States, Japan and the U.K. 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 agreement comes after a preliminary acquisition agreement was made earlier this year. 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. As part of the deal, SBI allegedly allowed its clients to trade through B2C2’s platform since July.
[image: Ryo Yoshitake]