Japanese financial giant SBI has completed another cryptocurrency acquisition to bring more adoption into the industry. SBI Financial Services, a subsidiary of SBI Holdings, has acquired UK B2C2 cryptocurrency trading company. SBI acquires 90% of B2C2, making it a subsidiary, according to an official announcement on December 16. The acquisition was completed on December 15, the report said.
With the new acquisition, both SBI and B2C2 intend to provide more trading opportunities for large financial companies that want to invest in cryptocurrencies. SBI Holdings’ CEO Yoshitaka Kitao said that B2C2’s vision and experience complements SBI. “We look forward to working together as we expand our presence in global markets,” Kitao said.
B2C2 founder and CEO Max Bonin confirmed that the new Bitcoin (BTC) full-time coin in 2020 has once again shown that cryptocurrencies are “not important in the financial industry”. “Crypto assets may have an increasing impact on the financial market over the next decade, and we are proud to be at the forefront of SBI development,” Boonen added.
Founded in 2015, B2C2 is one of the world’s most popular cryptocurrency trading companies for institutional investors with offices in the United States, Japan, and the United Kingdom. As part of the acquisition, Bunin said, the B2C2 team in Japan will move to SBI’s offices. It also expects to add up to 20 new employees following the acquisition of B2C2.
The new agreement comes on the heels of an initial acquisition agreement that was signed earlier this year. As reported previously by Cointelegraph Japan, SBI and B2C2 announced a major partnership on July 1, 2020, with SBI entering into an agreement to acquire a minority stake in the crypto company. As part of the agreement, SBI has reportedly allowed its customers to shop on the B2C2 platform since July.
In mid-December, SBI Holdings announced the creation of a cryptocurrency joint venture with Switzerland’s most important exchange, the SIX Swiss Exchange. As part of this initiative, companies will launch a digital asset platform in Singapore, subject to regulatory approval from the Monetary Authority of Singapore.