A strategic partnership between the two companies is to begin soon. The internet-based conglomerate SBI Financial Services (a subsidiary of SBI Holdings, “SBI”) has made an agreement with B2C2 to acquire a $30 million minority stake at the firm as a first leap into future cooperation.
According to a recent report, the two companies are to collaborate on providing cryptocurrency assets and services to millions of clients across the globe. They also intend to invest and expanding development in the institutional market for digital assets.
The Tokyo-based SBI is the owner of Japan’s first digital bank and largest online brokerage. It is among the world’s biggest financial conglomerates, providing a variety of services, among which securities, banking, and insurance. After the acquisition of the $30 million minority stake and the upcoming partnership, B2C2 is reportedly expected to become SBI’s leading liquidity provider.
The trading firm will use the highly developed network and proven financial strength of SBI, as it will launch an electronic prime brokerage built via its single dealer platform.
It is expected that this month, the firm will commence a fully automated facility to provide competitive two-way prices across the funding market. This way, B2C2 will be expanding its secured financing activities in lending hundreds of millions of dollars to its clients. As per the report, the plan is that B2C2 will be aiming to develop its offerings until it forms a full cross-asset prime brokerage business.
It seems like the two companies might make a good match. As cooperation is already announced, both firms are expecting to mark some serious accomplishments shortly, regarding the offering of a variety of new cryptocurrency products to their clients.
“We expect a lot of synergies with B2C2, a firm which has a large number of clients globally and offers abundant liquidity, excellent price competitiveness, and a diverse suite of products for their customers. We will work to develop innovative new crypto products and deepen synergies across our group of companies.” – Said Yoshitaka Kitao, President and CEO of SBI Holdings
On his part, the founder of B2C2, Max Boonen said that the mutual partnership with SBI is considered to be a great step forward for the company, as SBI could positively “unlock” the further future growth of the firm.
“B2C2 will benefit from SBI’s balance sheet, which is far larger than anything committed to the crypto market to date. It will complement our asset liability management framework – the most sophisticated in the market – to deliver an execution platform that will not only be a game changer in crypto, but also positions us to expand across asset classes as we set our sights on the $20bn-a-year prime brokerage market.” – Said also Boonen.