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SBI invests $ 30 million in B2C2, the largest market maker in XRP

July 2, 2020

SBI Financial Services, a subsidiary of Japanese financial giant SBI Holdings, bought a $ 30 million minority stake in UK crypto liquidity startup B2C2.

This investment marks the beginning of a strategic partnership between the two companies. since B2C2 will become SBI’s most important liquidity provider. As announced on July 1st, The collaboration aims to expand SBI’s cryptocurrency offering to millions of customers.. B2C2 aims to leverage SBI’s distribution network as the London-based startup launches an agency for electronic brokerage.

A spokesman for B2C2 Cointelegraph said the investment is “One of the largest companies in the digital asset industry this year”and declined to disclose further details about the deal.

SBI invests $ 30 million in B2C2, the largest market maker in XRPSBI invests $ 30 million in B2C2, the largest market maker in XRP

The spokesman continued:

“Ultimately, merging the sophisticated B2C2 asset management framework, our valued customer base, and our extensive trading experience with SBI’s solid balance sheet will play a critical role and uniquely enable us to achieve this with a significant brokerage market of 20 Billion dollars a year. “”

SBI launches Japan’s first XRP-focused digital asset fund

The news comes shortly after SBI announced its plans to launch a crypto mutual fund. The SBI CEO, Yoshitaka Kitaoannounced the plans in an investor presentation on June 26th, claims that the fund will be Japan’s first fund for digital assets.

As reported, SBI’s new cryptocurrency fund will primarily operate XRP and is said to account for 50% of the fund’s portfolio. Other digital assets include Bitcoin (BTC) and Ether (ETH), which will account for 30% and 20%, respectively, according to a graphic from SBI’s presentation.

B2C2 claims to be the “largest XRP market maker”

The recent acquisition of minority interests is the first time that SBI has invested in B2C2a company spokesman told Cointelegraph. B2C2 is mainly financed with the majority of the founderssaid the representative. Co-founder of 2015 by Max Boonen, a former Goldman Sachs dealer, B2C2 is an important OTC or OTC trading platform. By emailing Cointelegraph, A B2C2 spokesman said they were the “largest XRP market maker”.

SBI has actively participated in a number of projects involving cryptocurrencies, with special attention paid to XRP. As reported Ripple was an important partner for SBI Holdings, Providing solutions for the SBI Ripple Asia joint venture, which was founded in 2016 to promote the use of XRP in the Asian financial markets. On June 18, Adam Traidman, CEO of SBI Ripple Asia, announced that Ripple has started to introduce liquidity upon request in Asia.