Updated:
B2C2
Max Boonen founded B2C2 in 2015 as a crypto-native market maker, bridging OTC voice brokerage and electronic trading for institutions.
B2C2
B2C2 launched in 2015 under Max Boonen, a former Goldman Sachs rates trader who saw that institutional crypto trading was bifurcated between opaque OTC desks and chaotic exchange order books. The firm built a quantitative market-making engine that could stream executable prices in size during volatile periods, quickly becoming the preferred counterparty for brokers and banks entering the asset class. Japanese financial conglomerate SBI Holdings acquired a majority stake in December 2020, connecting B2C2 to a vast Asian distribution network while preserving its independent market-making culture. The firm provides 24/7 liquidity across spot crypto, forwards, non-deliverable forwards, options, and structured derivatives. Core counterparties include prime brokers, hedge funds, payment companies, and corporates managing treasury allocations — names that require capital commitment and Verfiable execution during dislocations. B2C2 posted over $300 million in notional volume within a single 30-day window during the 2020 market stress (per CoinDesk, 2020) and has since integrated with major electronic communication networks including Paradigm and Talos. Offices in London, New Jersey, and Tokyo mirror its time-zone coverage strategy. SBI's parent backing provides B2C2 with a rare institutional balance sheet within crypto markets, enabling principal risk-taking that pure agency brokers cannot match. The firm disclosed over $700 million in daily notional turnover across spot and derivatives in 2023 (per The Block, 2023), supported by a team spanning trading, quantitative research, and engineering across eight global locations. Founder Max Boonen stepped back from day-to-day operations in 2023, transitioning leadership to a management committee while retaining a board role. Unlike most crypto market makers that emerged during the 2017 ICO boom and later collapsed, B2C2 operated profitably through multiple drawdown cycles without venture-scale burn rates. Its hybrid voice-electronic model — institutional sales coverage paired with automated pricing infrastructure — mirrors the evolution of traditional FX and rates markets, making it a structural analogue to firms like Jump Trading rather than to exchange-native liquidity pools.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
Palo Alto · Nashville · Cayman Islands · New York · Hong Kong · Paris · Dubai · Boston
Principals
Max Boonen
Founder
Phillip Gillett
Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at B2C2?
Max Boonen founded the firm and served as CEO until transitioning to a board advisory role in March 2023. Day-to-day operations are now managed by a leadership committee including Managing Director Phillip Gillett. The firm's market-making engine is quantitative and automated, with risk parameters set by the trading desk rather than a discretionary investment committee.
How does B2C2 differ from other crypto market makers?
B2C2 combines institutional OTC voice brokerage with an automated electronic pricing engine, operating more like a traditional FX or rates market maker than a typical crypto shop. The firm was profitable through multiple bear markets without relying on venture funding, and since late 2020 it has been majority-owned by SBI Holdings, a publicly listed Japanese financial group, giving it a balance-sheet advantage that venture-backed competitors lack.
Does B2C2 hold customer assets, or is it purely a principal market maker?
B2C2 operates primarily as a principal market maker, trading its own balance sheet against institutional counterparties. It does not custody retail assets or operate as an exchange. Clients face B2C2 directly via bilateral agreements, a structure that reduces custody-chain risk compared to exchange-based trading.
How is B2C2 related to SBI Holdings?
SBI Holdings, a large Japanese financial services group, acquired a majority stake in B2C2 in December 2020. The acquisition provided B2C2 with enhanced balance-sheet capacity and access to SBI's Asian distribution, while B2C2 retained operational independence under its existing leadership structure in London.
What instruments does B2C2 trade?
B2C2 provides two-sided liquidity in spot cryptocurrency, forwards, non-deliverable forwards, options, and structured products. The firm covers major pairings including BTC, ETH, and a range of altcoins, with synthetic exposures available for counterparties in jurisdictions where physical delivery is constrained.
Which regions does B2C2 serve?
The firm operates from offices in London, Jersey City, and Tokyo, providing 24/7 follow-the-sun coverage. Its counterparty base is concentrated in Europe, North America, and Asia-Pacific, with SBI's network extending its reach into Japanese and broader Asian institutional markets.
Is B2C2 regulated?
B2C2 maintains regulatory registrations in multiple jurisdictions, including the UK's Financial Conduct Authority. As an institutional-only principal market maker, it does not typically onboard retail clients or hold client money, which shapes its regulatory footprint differently from exchanges and custodians.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: