Japanese financial services giant SBI has acquired yet another crypto exchange, this time, the UK-based B2C2 cryptocurrency dealing desk.
The move signals a further expansion in SBI’s inroads into the crypto trading arena in Japan. Meanwhile, financial institutions across the globe are beginning to devote greater attention to the burgeoning cryptocurrency market.
SBI to Operate Crypto Dealing Desk
According to a Reuters report on Dec. 15, SBI Financial Services has acquired B2C2 for an undisclosed amount. SBI’s outright purchase follows a $30 million investment in the same company back in July.
With the acquisition completed, SBI now owns a crypto dealing desk, becoming the first major financial institution to operate a crypto liquidity provision platform.
Indeed, as a crypto dealing desk, B2C2 enables brokerages, fund managers, exchanges, and other large trading volume actors to facilitate bulk crypto orders.
Following the initial investment that earned the firm a minority stake in B2C2 back in July, SBI clients could trade through the latter’s platform.
Now part of the SBI collective, the Japanese financial giant will be hoping to become a major counterparty for institutional investors looking to trade cryptocurrencies.
Commenting on the acquisition, SBI CEO Yoshitaka Kitao remarked that the move would help the company to:
“expand its footprints across the global markets”
He added that B2C2’s expertise in the crypto scene ran complementary to SBI’s goal. 2020 has seen a raft of major crypto-focused plays by SBI.
Expands Crypto Trading Portfolio
The B2C2 purchase is only the latest in a growing list of crypto business acquisitions. In October, SBI acquired the Japanese cryptocurrency exchange platform TaoTao.
At the time, the news was coming on the heels of a breakdown in negotiations with industry giant Binance. As previously reported by BeInCrypto, the firm also launched a crypto derivatives trading service back in August.
Major financial institutions are beginning to run their own cryptocurrency trading desks as the asset class moves ever-closer towards mainstream appeal.
Earlier in December, Singapore’s largest bank DBS announced the creation of a crypto exchange. The Singapore Exchange (SGX) owns a 10% stake in the enterprise.
Apart from running crypto exchanges, banks are also offering cryptocurrency custody services and floating virtual currency investment funds.
These advancements make it easier for major institutional investors like pension funds and insurance companies to invest in the market.
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