Crypto Market Maker B2C2 Opens a New Office in Singapore

SBI Holdings-owned crypto market maker known as B2C2 recently expanded into Singapore by opening a new office in the country. The firm’s next move is to apply for a Major Payment Institution (MPI) license.

Why Singapore?

B2C2’s opening of a new office in Singapore was announced earlier today, May 27, and it comes as the firm seeks to strengthen its presence in the APAC region. The general move of expanding its presence in Asia-Pacific was labeled as its growth phase.

The new office comes in addition to the company’s other physical locations around the world, including major financial and tech hubs such as London, Tokyo, Paris, Luxembourg, and New Jersey.

Singapore was a logical choice to enter next, according to B2C2’s CEO, Thomas Restout, who pointed out that the city-state acts as a leading financial center, both in the region and on the global scale. Of course, having an established presence in Japan, B2C2 already has a fairly strong grip on the Asia-Pacific region.

In late 2020, the firm was acquired by SBI Holdings, Japan’s financial giant. Only five months before the acquisition, SBI actually invested $30 million into the crypto market-making firm. However, B2C2’s actual headquarters is in London, but due to Brexit, the firm only managed to enter the EU market last year, when it expanded into France through the acquisition of the French market maker, Woorton.

Being regulated and licensed in France, B2C2 gained access to the European Union’s 27-country bloc, all thanks to Woorton’s PSAN license, previously received from AMF. However, the firm also needed to obtain a virtual asset service provider registration in Luxembourg to expand its presence across the rest of Europe.

This has been its growth phase thus far, and with the expansion to Singapore, the company is taking the next step. In addition, Swissquote also tapped B2C2 to enhance crypto trading liquidity on its own Swissquote Exchange (SQX).

The New Office Will Be Led By A Financial Veteran

B2C2’s CEO of the Asia-Pacific region, David Rogers, will spearhead the firm’s operations in the region from the new office in Singapore. Rogers has spent the last 24 years in the financial industry, with experience in both traditional and digital asset finance.

Before B2C2, he worked at UBS, Goldman Sachs, as well as State Street. His appointment to oversee the Asia-Pacific region’s operations was also a strategic move, given that he is intimately familiar with the region, having worked in it for 17 years.

Commenting on the move, he said: “The firm’s strong balance sheet, unparalleled settlement capability, and extensive pricing and credit capabilities make it the leading counterparty of choice for financial institutions globally.” He added that B2C2 already has a strong APAC team, and that both his team and himself are excited to work with regulators and partners in this part of the world in order to grow this ecosystem.