SBI Financial Services – a company associated with Japanese monetary group SBI Holdings Inc. – has garnered ownership of the cryptocurrency trading enterprise B2C2 based in the United Kingdom.
SBI Financial Services Now Owns B2C2
SBI Financial Services is now set to become one of the first major financial firms to monitor and operate a cryptocurrency dealing desk, though the specific terms of the acquisition have not been divulged at the time of writing.
In many ways, Japan has been a serious leader when it comes to cryptocurrency innovation and regulation. This makes sense considering the country is home to two of the biggest digital finance disasters in history. The first, which occurred in February of 2014, involved Mt. Gox, a cryptocurrency trading firm that saw more than $400 million in bitcoin units disappear overnight thanks to a malicious hack that left a lot of traders with empty pockets and bruised egos.
If this wasn’t enough, a similar incident occurred just four years later in January 2018. This time, the victim was a cryptocurrency platform known as Coincheck. The losses were considerably larger, with more than half a billion dollars-worth of cryptocurrency vanishing thanks to a thief’s greed.
This proved to be the final straw, and Japan ultimately got one of its biggest financial regulators to take the wheel when it came to monitoring crypto companies’ behavior. From now on, if you didn’t take the right steps towards making sure customer funds remained safe and sound within your vaults, you would be shut down and face repercussions.
Despite these slips, Japan has never been one to block digital currency innovation. It has remained at the forefront of crypto developments, and this latest news is just more proof of that. B2C2 was founded approximately five years ago in 2015, and works to assist brokerages, fund managers and digital exchanges have what they need to initiate large crypto trades.
SBI initially acquired a stake in the company last July and has been allowing its customers to engage in trading through its platform ever since. Now, the company is pushing past its “stakeholder” title and moving into ownership territory.
Yoshitaka Kitao – president and CEO of SBI Holdings – explained in a statement:
Their (B2C2’s) vision, expertise and offerings complement SBI’s, and we look forward to working in partnership as we expand our footprint across the global markets.
The Push Crypto Usage Needs?
The maneuver comes at a time when bitcoin, the world’s leading digital currency by market cap, is surging to record levels. Many analysts believe this move could potentially boost mainstream crypto activity. Max Boonen – the founder of B2C2 – mentioned in a recent interview:
A lot of people have been dismissive [of crypto] for a long time. Bitcoin’s price at an all-time high has put concerns to rest.
As a result of the acquisition, some of SBI’s employees will transfer to the B2C2 UK office.