The digital asset business is more profitable than ever before as more people hold and trade cryptocurrency than at any other point in history. Additionally, cryptocurrency has more mainstream attention these days as firms like JP Morgan and PayPal have heavily invested in it. As such, more companies are turning their attention to the digital assets market and are expanding their operations in this regard.
The latest of these is SBI Holdings, a Japanese firm, which has recently acquired B2C2, a cryptocurrency trading firm based in London. This acquisition took place via their subsidiary, SBI Financial Services.
SBI Holdings Joins the Crypto Game
A lot of details of the deal, including the amount paid, were not disclosed to the public but it is believed that SBI Holdings purchased a minority stake in B2C2 to allow their clients to trade on their platform.
“Their vision, expertise, and offering complement SBI’s, and we look forward to working in partnership as we expand our footprint across the global markets,” said Yoshitaka Kitao, president and CEO of SBI Holdings.
In terms of industry influence, B2C2 is one of the largest liquidity providers in the business and has helped firms trade large amounts of cryptocurrency since 2015. Furthermore, they have partnered with other companies like Fireblocks. All this will likely make them a good fit for SBI Holdings’ expansion plans.
According to B2C2 founder Max Boonen, many who were skeptical about cryptocurrency have had their minds changed by its most recent bull run. As such, the market is in the best possible position for growth.
In the same vein. B2C2 will be expanding moving forward, with 20 new staff members joining the team in the coming months. Additionally, their team members in Japan will begin to operate out of SBI Holdings’ Japanese offices.
Crypto and the Mainstream
While this deal is remarkable, it follows in the new patterns of mainstream players in the financial world getting in on the cryptocurrency industry. This can be attributed to the fact that cryptocurrency has proven its staying power and viability in the wider world.
On top of this, the large companies like Paypal investing in cryptocurrency signals to other companies to do so, lest they be left behind and lose out.
Overall, we can expect to see this growth in the cryptocurrency industry around the world continue in 2021 and beyond.