The typical sleepy summer months didn't feel all that sleepy this year. Between the “Cryptopocalypse”, Bitcoin plunging below $20k, and the lead up and eventual non-event of the Merge, there are a number of elements that have kept the crypto world a bit on edge.
As we roll into the fall, while volumes continue to improve, we also see crypto trading trends reflecting the overall uncertain macroeconomic outlook.
Regardless of this uncertainty, B2C2 has continued to trade across conditions and sustain consistent trade count volume. Providing this foundational liquidity remains B2C2’s core purpose, which is why we strive to continuously expand our offering through innovation. This ensures we continue to meet our clients’ evolving needs over time.
B2C2 is more than just the world’s largest crypto liquidity provider, we are also a digital assets pioneer enabling more and diverse institutions to participate in crypto.
Have a look at what we’ve been building.
Sincerely, Phil, Nicola, and Thomas
"This guide is a great overview of what a corporate Treasury needs to be thinking about as they start a foray into crypto and digital currencies. It connects important concepts in the crypto space to those familiar to any Treasurer. We have followed many of these approaches at Cargill in our journey so far. I wish we had had this when we started exploring crypto a year ago.”
- Jeremy Kidd, Business Technology Advisor, Treasury, Cargill
Core to B2C2 is unlocking opportunity and enabling access to crypto for diverse institutions. We have partnered with the team at NeuGroup to create this go-to guide for corporate treasurers looking to explore and accelerate their crypto journey.
Our new guide includes case studies, key insights and actionable steps, demystifying crypto and helping treasurers discover crypto’s full potential.
Written by Nilly Essaides, MD of Research & Insight, and Matthew Thomas, AM of Peer Groups, of NeuGroup, led by founder and CEO, Joseph Neu, leveraging the insights and experiences of their treasury members, in close partnership with Nicola White, CEO B2C2 USA.
While there were a lot of uncertainties going into the ETH merge, it went off without a glitch in the end. With the benefit of hindsight, buying the rumor, selling the fact was the best trading strategy, as the market sold off shortly after the ETH merge completed. Longer term, funds are still very bullish about ETH, as many view the merge as being deflationary for ETH’s usage’s costs and will therefore help expand it, leading to greater interest and participation.
BTC has traded as a risk asset these past few months, but now seems to be decoupling as the dollar moves higher, while stocks and bonds move lower. At least BTC is now stabilising above the June lows.
B2C2 continues to onboard clients at pace and we are seeing particular interest from macro hedge funds to enter the space. As inbound enquiries continue to grow, we are adding new products, while improving infrastructure to provide the best trading experience for our growing and diverse global client base.
Over the summer, we’ve been expanding our offering in altcoins. Interest outside of BTC and ETH is rapidly increasing, and we’ve seen both market participants active in a range of strategies. Our DDAI offering was announced towards the end of Q2, and we’ve seen some interesting developments in the yield enhancement space since then. We passionately believe OTC derivatives trading is a large part of the future of crypto, particularly for institutional players. During Q4, we will be making further announcements about new and additional features and functionality. Collectively, we believe all these new features and functionality will transform the experience of trading OTC crypto options for institutions.
Crypto funding & credit markets continued to be sluggish this quarter as market-wide appetite for leverage remained low and appreciation of counterparty risk remained heightened. Our default collateral requirements for new client borrows reduced half-way to our long-run average, from 140% to 130%. We reduced the minimum loan size from $50k to $1k to assist retail-facing clients with back-to-backing flows.
Ryan James, who brings experience from a proprietary trading firm covering rates options, has also joined our team to help further expand our funding desk.
This quarter sees increased investment in automation that will improve our ability to deliver faster and be more reactive to our clients’ needs, as well as increase the stability of our releases.
We deployed the new OTC v2 tech stack right at the end of Q3, which will reduce and stabilize execution latencies, enable regional execution hubs, allow us to offer the options of near-zero reject rates, and effectively eliminate rate limiting. We will closely monitor performance during Q4 2022 to ensure it delivers as promised.
We have also been busy enhancing our processes and automation for adding new coin offerings and expect to leverage this to see trading open on several tranches of new coins in the coming months.
Meet Justin Trinkley! Justin joined B2C2 in February but has already had the opportunity to learn about–and participate!–in all facets of B2C2 (one of his favorite aspects of B2C2 is the ability to quench your intellectual thirst if you are curious!). A true crypto-die hard at heart, Justin was exploring crypto long before joining the team.
Check out his spotlight to learn about his favorite parts of the crypto world and how he continues learning in his role at B2C2.
B2C2 continues to grow and add bright new talent to our team. In August, Zeke Vince joined us as Head of US Sales. His previous experience, including Global Head of e-FX at BofA Securities, positions him perfectly to supercharge our sales efforts in the US. We also very recently welcomed Thomas Restout as CEO, EMEA. Previously Thomas was Managing Director of Global Head Macro Electronic Trading at Morgan Stanley where he was responsible for strategy, product innovation and execution across a range of disciplines, assets and trading protocols.
In July, B2C2 co-hosted a Women in Crypto Event with WIND. Our Co-CEO Nicola White, spoke on a panel discussing what it’s like to transition into crypto and what the opportunities may be.
In addition to a B2C2 hosted happy hour outside the DAS/SALT conferences, B2C2 spoke at and sponsored a number of events around the world including DAS NY, EuroFinance ITM 2022, Token2049, and TradeTechFX Europe.
If you didn’t catch us last month, there will be plenty of more opportunities as we close out the year. If you’re in town during any of the following events, be sure to reach out, we’d love to see you there!
Stay tuned for more as we continue to add more events to the schedule!
Morgan Stanley alumnus joins B2C2 as CEO for EMEA Read Now
Cboe Is Teaming With Virtu, Jane Street to Build Crypto Business Read Now
CME to Launch Euro-Denominated Crypto Futures Read Now
B2C2 Hires BAML Global Head of eFX Sales as US Head of Sales Read Now
Contractual Standards Required for Crypto Derivatives Read Now
Trading firm B2C2 looks to thrive, not just survive, amid crypto winter Read Now
More than just a liquidity provider, B2C2 is a digital asset pioneer building the ecosystem of the future.
The firm has unlocked institutional access to crypto by providing reliable liquidity across market conditions. B2C2’s success is built on crypto native technology and continuous product innovation, making it the partner of choice for diverse institutions globally.
Founded in 2015 and majority owned by Japanese financial group, SBI, B2C2 Ltd is headquartered in the UK, with offices in the US and Japan.
B2C2 Ltd is registered in England and Wales under company number 07995888 with its registered office at 86-90 Paul Street, London, EC2A 4NE. B2C2 Ltd is the parent company of the B2C2 group of companies. Products may be provided by different members of the B2C2 group of companies, depending on the jurisdiction of the client and the regulatory status of the product and/or B2C2 group member. B2C2 is a registered trademark.
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