“Can a crypto-native institutional liquidity provider evolve into the full financial infrastructure layer — settlement, stablecoin swaps, and fiat rails — for global institutional digital asset markets?”
Founded in 2015, B2C2 established itself as a crypto-native OTC market maker and liquidity provider serving institutional clients — hedge funds, asset managers, banks, and exchanges. Acquired by SBI Holdings in 2020, it leveraged Japanese institutional backing to deepen its global regulatory footprint across the UK (FCA), US, Japan, Singapore, Luxembourg and France. Over 2024–2026, B2C2 has been expanding beyond pure crypto trading into stablecoin infrastructure (PENNY platform) and fiat settlement rails (OpenPayd partnership), positioning itself as a full institutional digital asset ecosystem partner rather than just a price-maker.
B2C2 discloses OpenPayd as its banking provider, according to the Embedded Finance Index 2026.
B2C2 does not disclose a bank charter of its own; its banking services are provided through OpenPayd.
B2C2 uses OpenPayd for FX and cross-border payouts.
B2C2's crypto products run on Anchorage Digital.
The Embedded Finance Index 2026 maps 4 layers in B2C2's stack: Banking / BaaS (OpenPayd); Unified APIs (OpenPayd); FX & payouts (OpenPayd); Crypto (Anchorage Digital).
B2C2 is founded in 2015 and headquartered in London, UK.
Get a read on where your own stack stands against B2C2 and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.