Japan-based financial heavyweight SBI has reportedly acquired a crypto-focused entity, in a bid to enhance adoption rate throughout the sector.

Specifically, SBI Financial Services, a subsidiary of SBI Holdings, has reportedly been successful in acquiring crypto trading company B2C2, based in the UK. The majority of the stakes (90%) of B2C2 has reportedly been acquired by SBI, turning it into the giant’s subsidiary. 

Via the newly finalized development, both SBI and B2C2 reportedly have a goal to make more trading opportunities available for mainstream financial companies, having goals to make investments in crypto. 

Yoshitaka Kitao, president and Head of SBI Holdings, reportedly claimed that B2C2’s vision and expertise are in line with that of SBI. 

“We look forward to working in partnership as we expand our footprint across the global markets,” 

Max Boonen, founder and Head of B2C2, reportedly highlighted that Bitcoin’s (BTC) new all-time highs recorded this year has made it clear one more time that crypto assets are “not negligible in the financial industry.”

“Crypto assets can have an increasing impact on the financial market in the next decade and we are proud to be at the forefront of this evolution in SBI.”

The new development reportedly surfaced after a preliminary acquisition agreement was carried out in July 2020, with SBI inked a deal to obtain a minority stake in the crypto company, enabling trading activities facilitated by B2C2’s platform.