B2C2
B2C2 is a London-headquartered institutional crypto liquidity provider, majority-owned by SBI Holdings, offering 24/7 OTC trading in 75+ pairs plus derivatives, funding, and zero-fee stablecoin swaps to asset managers, banks, brokers, and exchanges globally.
- Company typePrivate
- Founded2015
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What B2C2 does
B2C2 is a London-headquartered institutional digital asset liquidity provider founded in 2015 and majority-owned by Japanese financial conglomerate SBI Holdings since 2020. The firm operates an OTC trading franchise that has executed more than $2 trillion in cryptocurrency since 2016 and currently streams two-way prices in 75+ crypto and fiat pairs to asset managers, hedge funds, banks, brokers, exchanges, decentralised autonomous treasuries (DATs), fintechs, and crypto projects — it explicitly does not serve retail clients. Core product infrastructure includes the B2C2 Trading Platform and CORE OTC platform (accessible via GUI, REST, WebSocket, and FIX), the Options Chain electronic options execution tool, a single-margin DDAI funding and structured-loan product, and PENNY, a zero-fee institutional stablecoin swap platform supporting six stablecoins across Solana, Ethereum, Tron, and leading Layer-2 networks. The technology stack is institutional-grade: post-trade settlement is available without pre-funding, mitigating counterparty risk, and the firm reports 1,000+ settlements per day, $1B+ in daily stablecoin volume, and $200B+ in 2025 client trade volume.
The business model is primarily spread-based: B2C2 earns the bid-ask differential on principal OTC spot, derivatives (CFDs, options, NDFs), and structured products, with no per-transaction execution or settlement fees on OTC spot. Additional revenue comes from interest on funding facilities and loans (over $1B in loans issued in 2025), derivative pricing margins, and market-making mandates for crypto foundations and newly listed assets. Go-to-market is enterprise direct sales combined with electronic distribution via FIX/API integrations, prime-broker connectivity, and trading-venue partnerships (TP ICAP Fusion, Crossover Markets, Anchorage Atlas, Bitget), supplemented by banking-rail integration with Standard Chartered. The firm holds one of the broadest regulatory perimeters in institutional crypto — FCA (UK), CSSF/MiCA CASP (Luxembourg, first global OTC LP authorised), AMF/PSAN (France, via Woorton), FinCEN MSB (US), CIMA (Cayman), with a pending MAS MPI application (Singapore) — and operates from seven locations across the UK, US, Japan, Luxembourg, Singapore, Poland, and France.
B2C2 firmographics
Firmographics- Name
- B2C2
- Legal name
- B2C2 Ltd
- Website
- https://b2c2.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- B2C2 is a London-headquartered institutional crypto liquidity provider, majority-owned by SBI Holdings, offering 24/7 OTC trading in 75+ pairs plus derivatives, funding, and zero-fee stablecoin swaps to asset managers, banks, brokers, and exchanges globally.
- Ownership category
- akta.pro rank
B2C2 industry classification
Industry- Product category
- Institutional Cryptocurrency OTC Trading
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- OTC Spot Trading & Block Execution (FSADAJAB)
- akta.pro secondary industries
- OTC Desks & Block Trading Networks (FSAPADAH), Institutional / OTC Crypto Credit & Bilateral Lending (FSADAFAD), OTC Derivatives Execution Platforms (SEF/OTF/Swap Execution) (FSAFANAE), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
Keywords
Where B2C2 is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices7 records
Markets served
B2C2 business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- OTC Spot Trading: B2C2 provides two-way streaming OTC prices in over 75 crypto and fiat pairs, earning revenue from bid-ask spreads. No per-transaction execution or settlement fees are charged. Trade sizes range from small to multimillion-dollar blocks.
- Derivatives (CFDs, Options, NDFs): Bespoke OTC derivative products including Contracts for Difference (CFDs), Options, and Non-Deliverable Forwards (NDFs) offered to institutional clients. Revenue generated through spreads and pricing on these products.
- Funding / Lending: Provides secured and unsecured loans to institutional clients, consolidating trading activity into a single margin account. Revenue from interest on loans and funding facilities.
- PENNY Stablecoin Swaps: Zero-fee stablecoin swap platform for institutional participants (banks, payment processors, exchanges, corporate treasuries). Revenue model based on razor-sharp institutional conversion rates with no explicit transaction fees.
- Market Making for Crypto Projects: Provides institutional-grade liquidity programs for crypto foundations, protocols, and newly listed assets, including market making on exchanges and integrated OTC desk for large block trades.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Institutional OTC trading — no public tier structure; bespoke terms negotiated individually |
| Transaction based/ take rate | Pay-as-you-go | PENNY stablecoin swaps — zero-fee platform with institutional conversion rates |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels8 records
B2C2 product offering
Product offeringCore offering
B2C2 is a global institutional over-the-counter (OTC) liquidity provider for digital assets, offering 24/7/365 streaming prices in over 75 cryptocurrency and fiat pairs. The firm provides spot trading, derivatives (CFDs, options, NDFs), funding and structured loans, and operates the PENNY zero-fee stablecoin swap platform. Services are delivered through proprietary electronic infrastructure accessible via GUI, REST API, WebSocket, and FIX protocols.
Product overview
B2C2 is a global digital asset liquidity provider offering a unified platform for institutional crypto trading. The core product is the B2C2 Trading Platform providing 24/7/365 OTC trading across spot, derivatives (CFDs, Options), funding, and structured loans. Supporting this are specialized offerings: PENNY for zero-fee stablecoin swaps, Options Chain for electronic options execution, the CORE OTC Trading Platform, and market making/liquidity partner services for crypto foundations. The product suite also includes the acquired brand Woorton for European market coverage. B2C2 supports over 75 cryptocurrency and fiat pairs, connects via REST/WebSocket/FIX APIs, and serves institutional clients including asset managers, hedge funds, banks, and exchanges.
Differentiator
Problem solved
Functional benefit
Brands
- PENNY: Zero-fee stablecoin swap platform enabling instant exchange of major stablecoins including USDT, USDC, USDG, RLUSD, PYUSD, and AUSD across Ethereum, Tron, Solana, and leading Layer 2 networks.
Products and services
- B2C2 OTC Trading Platform Flagship OTC crypto trading platform providing 24/7/365 two-way streaming liquidity in 75+ crypto and fiat pairs, with post-trade settlement without pre-funding. Accessible via GUI, REST API, WebSocket, and FIX. Serves asset managers, funds, banks, brokers, and exchanges.
- OTC Derivatives (CFDs, Options, NDFs) Bespoke OTC derivative products including Contracts for Difference (CFDs), Options, and Non-Deliverable Forwards (NDFs) offered to institutional clients with cash or physical settlement options.
- Funding and Structured Loans (DDAIs) Secured and unsecured loans to institutional clients with single margin account covering spot, derivatives, and loans across 75+ crypto and fiat currencies. Fully electronic execution via GUI or API.
- PENNY Stablecoin Swap Platform Zero-fee instant stablecoin swap platform enabling simultaneous execution and on-chain settlement across six stablecoins on multiple blockchain networks via REST API. Serves banks, payment processors, exchanges, and corporate treasuries.
- Options Chain First client-facing electronic OTC options execution tool enabling live options price viewing, market tracking, and trade execution from a unified interface.
- Market Making Services Institutional-grade liquidity programs for crypto foundations, protocols, and newly listed assets, including market making on exchanges and integrated OTC desk for large block trades.
- Liquidity Partner Service Strategic liquidity partnership providing crypto foundations and projects with connectivity and relationships with major crypto exchanges globally and extended reach via the largest OTC trading franchise.
Quantifiable outcome
- $2 trillion in cryptocurrency traded since 2016
- +4 more outcomes
Companies that use B2C2
Customer profileNamed customers2 records
Segments6 records
Ideal customer profiles5 records
B2C2 technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature5 records
B2C2 partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- Ericsenz CapitalcoreB2C2 supported Ericsenz Capital's inaugural Bitcoin Dual-Currency Note by providing deep liquidity across digital asset markets. Ericsenz Capital plans to integrate Ondo's USDY as yield-bearing collateral into future issuances with B2C2's liquidity support.
- Solidus LabscoreB2C2 deployed Solidus Labs' HALO platform for multidimensional trade surveillance across global operations (UK, USA, France, Luxembourg, Singapore, Cayman Islands). The partnership strengthens B2C2's market oversight and detection of potentially manipulative trading activity.
- TP ICAP (Fusion Digital Assets)coreB2C2 integrated with TP ICAP's FCA-registered Fusion Digital Assets as a liquidity provider under the venue's Matched Principal model. B2C2 provides liquidity to Bitcoin and Ethereum order books, with plans to support additional order books. Fusion Digital Assets transitioned to Matched Principal model supported by TP ICAP's investment-grade credit profile.
- SoFi TechnologiesminorB2C2 participated in SoFi's Big Business Banking platform launch as a crypto partner, enabling enterprises to manage fiat and crypto banking on a single regulated platform.
- Solana FoundationcoreSBI Holdings' B2C2 designated Solana as its primary stablecoin network for serving institutional clients. Solana was selected for its sub-second transaction finality and low fees, supporting billions in monthly stablecoin settlement volume.
- BitgetcoreB2C2 entered a strategic partnership with Bitget on March 11, 2026, integrating B2C2 as a liquidity provider for both spot and derivatives markets on Bitget's platform. The collaboration aims to provide tighter bid-ask spreads and more stable order execution for institutional clients, supporting Bitget's institutional-grade trading infrastructure development.
- Anchorage DigitalcoreB2C2 joined Anchorage's Atlas platform — a regulated, two-way settlement platform for institutional crypto transactions. B2C2 custodies assets with Anchorage and settles trades directly through Atlas, strengthening institutional settlement infrastructure.
- Standard CharteredcoreStandard Chartered and B2C2 partnered to enhance institutional access to digital asset markets by combining Standard Chartered's global banking infrastructure with B2C2's crypto liquidity across spot and options markets. B2C2 provides institutional clients with direct connectivity to Standard Chartered's banking rails and settlement facilities.
- PENNY Ecosystem Partners (Bitazza)minorB2C2 partnered with Bitazza, a leading licensed digital asset broker in Thailand, to drive resilient, compliant, and sustainable digital-asset market adoption in Thailand and the broader ASEAN region through PENNY stablecoin swaps.
- PENNY Stablecoin IssuersminorPENNY supports six stablecoins: USDT, USDC, USDG, RLUSD, PYUSD, and AUSD, with PYUSD added to the portfolio. Partnerships with stablecoin issuers support the PENNY platform's instant zero-fee swap functionality.
- SiemensminorSiemens adopted JPMorgan's blockchain-based FX swaps via the Kinexys Digital Payments platform. B2C2 participated alongside Siemens in JPMorgan's Kinexys blockchain FX swap pilots supporting USD, EUR, and GBP.
- WoortoncoreB2C2 acquired Paris-based Woorton in August 2023 to expand its European presence and service EU clients under new regulations. Woorton supported nearly 250 clients trading 96 coins and held a regulated PSAN license in France (AMF registration E2022-044).
Scale indicators9 records
Recent moves10 records
Expansion highlights6 records
B2C2 competitors and assessment
Company assessmentDirect peers
- Wintermute: Wintermute is one of the largest global crypto market makers and OTC liquidity providers, serving institutional clients with spot, derivatives, and lending products. It is the closest direct competitor to B2C2 in OTC two-way streaming liquidity and algorithmic market making.
- FalconX: FalconX is a digital asset prime brokerage offering trading, credit, and custody to institutional clients. It directly competes with B2C2's OTC trading, funding, and structured credit products aimed at funds, asset managers, and trading firms.
- Flow Traders: Flow Traders is a global liquidity provider in ETPs and digital assets, providing two-way liquidity across major venues and OTC. It overlaps with B2C2 in electronic crypto market making and institutional liquidity provision.
- Cumberland (DRW): Cumberland is the crypto trading arm of DRW and a leading institutional OTC liquidity provider, executing large block trades for counterparties. It competes directly with B2C2 in OTC spot, derivatives, and post-trade settlement services.
- Galaxy Digital: Galaxy Digital operates a global crypto trading business alongside asset management and digital infrastructure, providing institutional OTC, market making, and lending services. Overlap with B2C2 is strongest in institutional OTC trading and lending.
Others
- Fireblocks: Fireblocks provides custody, settlement, and the Open Transaction Layer (OTL) protocol for institutional digital assets. While not a direct OTC competitor, B2C2's participation in OTL and use of Fireblocks infrastructure positions it as a key ecosystem partner.
Broad incumbents
- Kraken: Kraken is a major global crypto exchange serving institutional and retail clients with spot, derivatives, and staking. Its institutional OTC and trading services overlap with B2C2, though Kraken's offering spans a much broader retail-facing business.
- Circle: Circle is the issuer of USDC, a major institutional stablecoin used across trading, payments, and treasury. It overlaps with B2C2 via the PENNY platform's inclusion of USDC and competes indirectly in institutional stablecoin liquidity provision.
- TP ICAP (Fusion Digital Assets): TP ICAP's Fusion Digital Assets is a Matched Principal venue for institutional crypto trading that integrates B2C2 as a liquidity provider. As a traditional interdealer broker moving into digital assets, it is a partner and emerging competitor in institutional execution.
- Coinbase Institutional: Coinbase operates one of the largest institutional crypto trading and custody platforms globally, including OTC and prime brokerage services. While broader in scope (exchange, custody, staking), its institutional OTC business competes with B2C2 for similar asset manager and hedge fund flow.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
B2C2 social profiles
Digital presenceB2C2 compliance and trust
Trust signalCompliance10 records
B2C2 financial estimates
Financial estimateRevenue estimate
Valuation estimate
B2C2 leadership team
Management profileNumber of profiles
Profiles9 records
B2C2 subsidiaries and ownership
Company hierarchySubsidiaries8 records
B2C2 funding detail
Funding detailFunding overview
Funding rounds7 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
B2C2 M&A and investment
M&A and investmentM&A1 record
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about B2C2
What does B2C2 do?
B2C2 is a global institutional over-the-counter (OTC) liquidity provider for digital assets, offering 24/7/365 streaming prices in over 75 cryptocurrency and fiat pairs. The firm provides spot trading, derivatives (CFDs, options, NDFs), funding and structured loans, and operates the PENNY zero-fee stablecoin swap platform. Services are delivered through proprietary electronic infrastructure accessible via GUI, REST API, WebSocket, and FIX protocols.
Is B2C2 a public or private company?
B2C2 is a private company. It is classified as corporate owned and is currently operating.
When was B2C2 founded?
B2C2 was founded in 2015. It employs 101 to 250 people.
Where is B2C2 based?
B2C2 is headquartered in London, United Kingdom, in the Europe region.
How does B2C2 make money?
Five revenue lines are on record. OTC Spot Trading is the primary driver. The others are derivatives (CFDs, Options, NDFs), funding / Lending, PENNY Stablecoin Swaps and market Making for Crypto Projects.
Who are B2C2's main competitors?
Direct peers on record are Wintermute, FalconX, Flow Traders, Cumberland (DRW) and Galaxy Digital. Fireblocks is listed as an others. Broad incumbents are Kraken, Circle, TP ICAP (Fusion Digital Assets) and Coinbase Institutional.
Does B2C2 have an API?
Yes. B2C2 offers API connectivity via REST, WebSocket/REST, and FIX protocols. The single dealer platform can be accessed via GUI or API, with RFQ access available through GUI and API. B2C2 is fully integrated with numerous third-party execution platforms. APIs enable real-time pricing on stablecoins and execute trades programmatically. Developer documentation is at www.b2c2.com/contact-us.
What industry is B2C2 in?
B2C2's product category is Institutional Cryptocurrency OTC Trading. Its primary akta.pro industry code is FSADAJAB, OTC Spot Trading & Block Execution, with a secondary code of FSAPADAH, OTC Desks & Block Trading Networks. Its NAICS code is 523210 and its SIC code is 6200.