Difference between revisions of "B2C2"

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(Litigation)
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== Company History ==
 
== Company History ==
 
 
B2C2 is a privately-held firm founded in 2015 by Max Boonen, a former Goldman Sachs trader, and Flavio Molendini. Its investors include Wicklow Capital. Information about its other investors has not been shared with the public.<ref>{{cite web|url=https://www.businessinsider.com/uk-fintech-35-under-35-list-2018-3?r=US&IR=T#15-max-boonen-31-director-and-cofounder-of-b2c2-21|name=Meet the 35 most exciting young entrepreneurs, engineers, and advisors in UK fintech|org=Business Insider|date=April 1, 2019}}</ref><ref>{{cite web|url=https://www.b2c2.com/faqs|name=About B2C2|org=B2C2|date=March 28, 2019}}</ref> In January 2018 Phillip Gillespie, another former Goldman-Sachs trader, joined the company as CEO of its Japan-based location.<ref>{{cite web|url=https://www.fnlondon.com/articles/goldman-executive-director-joins-cryptocurrency-broker-20180116|name=Goldman FX trader joins cryptocurrency broker|org=Financial News London|date=April 1, 2019}}</ref>  
 
B2C2 is a privately-held firm founded in 2015 by Max Boonen, a former Goldman Sachs trader, and Flavio Molendini. Its investors include Wicklow Capital. Information about its other investors has not been shared with the public.<ref>{{cite web|url=https://www.businessinsider.com/uk-fintech-35-under-35-list-2018-3?r=US&IR=T#15-max-boonen-31-director-and-cofounder-of-b2c2-21|name=Meet the 35 most exciting young entrepreneurs, engineers, and advisors in UK fintech|org=Business Insider|date=April 1, 2019}}</ref><ref>{{cite web|url=https://www.b2c2.com/faqs|name=About B2C2|org=B2C2|date=March 28, 2019}}</ref> In January 2018 Phillip Gillespie, another former Goldman-Sachs trader, joined the company as CEO of its Japan-based location.<ref>{{cite web|url=https://www.fnlondon.com/articles/goldman-executive-director-joins-cryptocurrency-broker-20180116|name=Goldman FX trader joins cryptocurrency broker|org=Financial News London|date=April 1, 2019}}</ref>  
  
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In October 2018, B2C2 partnered with [[Caspian]] to join its digital [[platform]] with Caspian's, allowing it to connect to other platforms also connected to Caspian.<ref>{{cite web|url=https://www.cryptoninjas.net/2018/10/02/crypto-trading-platform-caspian-partners-with-b2c2-for-increase-liquidity/|name=Crypto trading platform Caspian partners with B2C2 for increased liquidity|org=B2C2|date=March 28, 2019}}</ref>
 
In October 2018, B2C2 partnered with [[Caspian]] to join its digital [[platform]] with Caspian's, allowing it to connect to other platforms also connected to Caspian.<ref>{{cite web|url=https://www.cryptoninjas.net/2018/10/02/crypto-trading-platform-caspian-partners-with-b2c2-for-increase-liquidity/|name=Crypto trading platform Caspian partners with B2C2 for increased liquidity|org=B2C2|date=March 28, 2019}}</ref>
  
In February 2019 a subsidiary, B2C2 OTC Ltd., was authorized by the United Kingdom's [[Financial Conduct Authority]] (FCA) to arrange and deal in cryptocurrency [http://www.marketswiki.com/wiki/CFD CFD]s. Boonen said that this would allow B2C2 clients to trade in [[digital assets]] while avoiding the “risks associated with crypto custody.”<ref>{{cite web|url=https://www.coindesk.com/uk-firm-gets-regulatory-green-light-to-offer-crypto-derivatives|name=UK Firm Gets Regulatory Green Light to Offer Crypto Derivatives|org=Coindesk|date=February 5, 2020}}</ref>
+
In February 2019 a subsidiary, B2C2 OTC Ltd., was authorized by the United Kingdom's [[Financial Conduct Authority]] (FCA) to arrange and deal in cryptocurrency [http://www.marketswiki.com/wiki/CFD CFD]s. Boonen said that this would allow B2C2 clients to trade in [[digital assets]] while avoiding the “risks associated with crypto custody.”<ref>{{cite web|url=https://www.coindesk.com/uk-firm-gets-regulatory-green-light-to-offer-crypto-derivatives|name=UK Firm Gets Regulatory Green Light to Offer Crypto Derivatives|org=Coindesk|date=February 5, 2020}}</ref>
 +
 
 +
During the corona virus-fueled March 2020 market rout when[[bitcoin]] prices fell more than 50% over a two period, Boonen told The Block Crypto, an online cryptocurrency news service, that the firm was experiencing record levels of trading volume.<ref>{{cite web|url=https://www.theblockcrypto.com/post/58540/crypto-otc-desk-bitcoin-price-plunge-markets-coronavirus|name=Crypto OTC desks see activity surge as bitcoin's price plunges alongside global markets|org=The Block Crypto|date=March 13, 2020}}</ref>  
  
 
=== U.S. Expansion ===
 
=== U.S. Expansion ===
 
 
In March 2019, B2C2 announced that the company had hired Rob Catalanello, a former senior employee of Wall Street firms like Goldman Sachs, Merrill Lynch, and Credit Agricole, as the president and CEO of B2C2's new U.S. branch.<ref>{{cite web|url=https://www.coindesk.com/uk-firm-gets-regulatory-green-light-to-offer-crypto-derivatives|name=UK Firm Gets Regulatory Green Light to Offer Crypto Derivatives|org=Coindesk|date=April 8, 2019}}</ref>
 
In March 2019, B2C2 announced that the company had hired Rob Catalanello, a former senior employee of Wall Street firms like Goldman Sachs, Merrill Lynch, and Credit Agricole, as the president and CEO of B2C2's new U.S. branch.<ref>{{cite web|url=https://www.coindesk.com/uk-firm-gets-regulatory-green-light-to-offer-crypto-derivatives|name=UK Firm Gets Regulatory Green Light to Offer Crypto Derivatives|org=Coindesk|date=April 8, 2019}}</ref>
  
 
=== Litigation ===
 
=== Litigation ===
 
 
In 2017, in the first cryptocurrency dispute ever decided by a Singapore court, B2C2 sued Quoine, a Tokyo-based [[exchange]], over reversals made on Quoine that April. B2C2 said that the reversals led to proceeds being deducted without authorization, causing B2C2 to lose 3,085 bitcoins. The Singapore International Commercial Court (SICC) ruled on March 14, 2019 that Quoine was in breach of contract with B2C2, and ordered the Japanese company to pay B2C2 for damages an amount of money to be determined at a later date.<ref>{{cite web|url=https://www.straitstimes.com/business/companies-markets/bitcoin-trial-exchange-operator-found-in-breach-of-contract-and-trust-to|name=Singapore's first bitcoin trial: Exchange operator found in breach of contract and trust, to pay damages|org=The Straits Times|date=April 1, 2019}}</ref>  
 
In 2017, in the first cryptocurrency dispute ever decided by a Singapore court, B2C2 sued Quoine, a Tokyo-based [[exchange]], over reversals made on Quoine that April. B2C2 said that the reversals led to proceeds being deducted without authorization, causing B2C2 to lose 3,085 bitcoins. The Singapore International Commercial Court (SICC) ruled on March 14, 2019 that Quoine was in breach of contract with B2C2, and ordered the Japanese company to pay B2C2 for damages an amount of money to be determined at a later date.<ref>{{cite web|url=https://www.straitstimes.com/business/companies-markets/bitcoin-trial-exchange-operator-found-in-breach-of-contract-and-trust-to|name=Singapore's first bitcoin trial: Exchange operator found in breach of contract and trust, to pay damages|org=The Straits Times|date=April 1, 2019}}</ref>  
  
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== Products and services ==
 
== Products and services ==
 
 
B2C2 manages [[digital assets]] for institutional investors. Currently, B2C2 offers its services for over-the-counter trading of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum Classic (ETC) and ZCash (ZEC) via its software platform.<ref>{{cite web|url=https://www.b2c2.com/faqs|name=About B2C2|org=B2C2|date=February 5, 2020}}</ref> This platform also allows B2C2's clients to monitor live pricing in defined quantities.<ref>{{cite web|url=https://www.financemagnates.com/cryptocurrency/news/b2c2-enhances-otc-platform-with-point-and-click-execution/|name=B2C2 Enhances OTC Platform with Point-and-Click Execution|org=Finance Magnates|date=April 1, 2019}}</ref> BTC, ETH, XRP, LTC, EOS, BCH, XLM.In October 2019, B2C2 released a gold-backed, bitcoin-settled derivative product, which is available to financial institutions only.<ref>{{cite web|url=https://www.financemagnates.com/cryptocurrency/news/b2c2-launches-a-bitcoin-settled-gold-derivative/|name=B2C2 Launches a Bitcoin-Settled Gold Derivative|org=Finance Magnates|date=October 10, 2019}}</ref>
 
B2C2 manages [[digital assets]] for institutional investors. Currently, B2C2 offers its services for over-the-counter trading of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum Classic (ETC) and ZCash (ZEC) via its software platform.<ref>{{cite web|url=https://www.b2c2.com/faqs|name=About B2C2|org=B2C2|date=February 5, 2020}}</ref> This platform also allows B2C2's clients to monitor live pricing in defined quantities.<ref>{{cite web|url=https://www.financemagnates.com/cryptocurrency/news/b2c2-enhances-otc-platform-with-point-and-click-execution/|name=B2C2 Enhances OTC Platform with Point-and-Click Execution|org=Finance Magnates|date=April 1, 2019}}</ref> BTC, ETH, XRP, LTC, EOS, BCH, XLM.In October 2019, B2C2 released a gold-backed, bitcoin-settled derivative product, which is available to financial institutions only.<ref>{{cite web|url=https://www.financemagnates.com/cryptocurrency/news/b2c2-launches-a-bitcoin-settled-gold-derivative/|name=B2C2 Launches a Bitcoin-Settled Gold Derivative|org=Finance Magnates|date=October 10, 2019}}</ref>
  

Revision as of 10:14, 13 March 2020

B2C2
B2c2 logo.jpg
Founded 2015
Headquarters London, England, U.K.
Key People Max Boonen, co-founder; Flavio Molendini, co-founder; Phil Gillespie, CEO — B2C2 Japan; Robert Catalanello, CEO — B2C2 USA; Simon Heinrich, Chief Information Officer; Neil Grant, Chief Compliance Officer
Employees 11-50
Products Cryptocurrency market maker, liquidity provider
Twitter @B2C2Group
LinkedIn Profile
Website B2C2 Home

B2C2 is a regulated financial services firm based in the United Kingdom. It primarily serves as an OTC market maker, risk manager, and liquidity provider for the cryptocurrency markets.[1]

Company History

B2C2 is a privately-held firm founded in 2015 by Max Boonen, a former Goldman Sachs trader, and Flavio Molendini. Its investors include Wicklow Capital. Information about its other investors has not been shared with the public.[2][3] In January 2018 Phillip Gillespie, another former Goldman-Sachs trader, joined the company as CEO of its Japan-based location.[4]

B2C2 is also a founding member of the University of Oxford's Centre for Technology and Global Affairs, as well as being a member of the U.K. self-regulatory trade organization CryptoUK, Brussels's Blockchain and Virtual Currencies Working Group, France's Cryptocurrency Management Association, and Japan’s Cryptocurrency Business Association.[5]

In October 2018, B2C2 partnered with Caspian to join its digital platform with Caspian's, allowing it to connect to other platforms also connected to Caspian.[6]

In February 2019 a subsidiary, B2C2 OTC Ltd., was authorized by the United Kingdom's Financial Conduct Authority (FCA) to arrange and deal in cryptocurrency CFDs. Boonen said that this would allow B2C2 clients to trade in digital assets while avoiding the “risks associated with crypto custody.”[7]

During the corona virus-fueled March 2020 market rout whenbitcoin prices fell more than 50% over a two period, Boonen told The Block Crypto, an online cryptocurrency news service, that the firm was experiencing record levels of trading volume.[8]

U.S. Expansion

In March 2019, B2C2 announced that the company had hired Rob Catalanello, a former senior employee of Wall Street firms like Goldman Sachs, Merrill Lynch, and Credit Agricole, as the president and CEO of B2C2's new U.S. branch.[9]

Litigation

In 2017, in the first cryptocurrency dispute ever decided by a Singapore court, B2C2 sued Quoine, a Tokyo-based exchange, over reversals made on Quoine that April. B2C2 said that the reversals led to proceeds being deducted without authorization, causing B2C2 to lose 3,085 bitcoins. The Singapore International Commercial Court (SICC) ruled on March 14, 2019 that Quoine was in breach of contract with B2C2, and ordered the Japanese company to pay B2C2 for damages an amount of money to be determined at a later date.[10]

Quoine appealed the decision to the Court of Appeal, the highest Singapore court, which decided in B2C2's favor. The only remaining issue is the size of the amount of damages to be paid by Quoine.[11]

Products and services

B2C2 manages digital assets for institutional investors. Currently, B2C2 offers its services for over-the-counter trading of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum Classic (ETC) and ZCash (ZEC) via its software platform.[12] This platform also allows B2C2's clients to monitor live pricing in defined quantities.[13] BTC, ETH, XRP, LTC, EOS, BCH, XLM.In October 2019, B2C2 released a gold-backed, bitcoin-settled derivative product, which is available to financial institutions only.[14]

Key People

  • Max Boonen - Co-founder
  • Flavio Molendini - Co-founder
  • Phil Gillespie - CEO — B2C2 Japan
  • Robert Catalanello - CEO — B2C2 USA
  • Simon Heinrich - Chief Information Officer
  • Neil Grant - Chief Compliance Officer

References