Japanese financial group SBI Financial Services has announced the acquisition of UK-based crypto services company B2c2 for an undisclosed amount. The purchase helps the Asian financial giant to become one of the mainstream financial institutions with a full-fledged digital asset trading desk.
A new chance
In a report, the two companies praise the partnership they hope will create “the counterpart 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 company in July, and that deal had opened the door for SBI’s “clients to trade through the B2c2 platform.”
Before the Japanese financial giant hired B2c2, it had forged over the years partnerships with other crypto companies as it tried to tap into the emerging asset class. The acquisition of B2c2, a company that helps exchanges and fund managers conduct large digital currency transactions, presents an opportunity for the Asian financial giant. Many more institutional investors buy bitcoin that they see as a hedge against inflation.
This growing interest from institutional investors has helped support bitcoin’s current bull run. The high demand for BTC has caused the digital asset to hit a new record, attracting more investors. SBI hopes the acquisition will help the financial giant expand its operations globally.
In his comments following the announcement of the deal, CEO of SBI Holdings Yoshitaka Kitao praises the acquisition, saying:
Their (B2c2’s) vision, expertise and offering complement SBI’s, and we look forward to working together as we expand our footprint across global markets.
As part of the acquisition agreement, the B2c2 team in Japan will move to the offices of SBI, according to Max Boonen, the founder of crypto services. Boonen adds that he expects the B2c2 team to grow to 70 people from the current 50 in the coming months.
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