SBI opens cryptocurrency dealing desk

Japan’s SBI Financial Services is opening a cryptocurrency dealing desk after acquiring liquidity provider B2C2.

Financial terms were not disclosed but the deal comes months after SBI agreed to take a minority stake in B2C2.

SBI says the move puts it at the “centre of the cryptocurrency markets” by making it the natural entry point for financial institutions seeking a bank counterparty to trade digital assets.

Max Boonen, founder, B2C2, says: “With Bitcoin hitting an all time high this month, it is dawning on everyone in finance that crypto is here to stay.

“The timing could not be better for SBI, a financial conglomerate admired for its farsightedness, who is not simply dipping in but opening a new chapter for the industry.”

The acquisition is the latest big crypto play from SBI. Last month one of its unit began offering clients the option to lend it their Bitcoin holdings, while it has also invested in Ripple and Boerse Stuttgart’s digital assets business.

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