In a recent development, Bullish, a technology company that operates an institutionally-focused digital asset trading platform has partnered with B2C2, a Japanese crypto liquidity provider. This partnership aims to deliver trading liquidity to cryptocurrency institutions, building a strong foundation for the evolving market.
B2C2, a crypto market maker, was acquired by Japanese financial powerhouse SBI Financial Services in December 2020. This acquisition marked one of the first major financial firms to own a crypto desk, highlighting the significance of digital assets in today’s financial landscape. The exact extent of B2C2’s trading volume committed to trading via Bullish remains undisclosed.
Bullish CEO Tom Farley expressed satisfaction in partnering with B2C2 while emphasizing how the partnership aligns their business objectives. Farley said, “This partnership seamlessly aligns the business objectives of both organizations by allowing Bullish’s unique liquidity to be delivered to B2C2’s large breadth of clients through fast execution, reliable trades, and transparent pricing.”
On the flip side, Bullish has faced challenges in gaining a foothold in the market. Despite being supported by renowned venture capitalists such as Peter Thiel, Galaxy Digital, and crypto ecosystem incubator Block.One, Bullish has only logged around $200 billion in trading volume since its inception in November 2021. This is roughly the equivalent of Binance’s monthly trading volume, illustrating the fierce competition that Bullish is up against.
In light of these challenges, as well as the collapse of FTX, Bullish decided to call off its public listing via SPAC. While this may seem like a setback, it is crucial to note that forging partnerships and focusing on delivering value to clients will be crucial in determining Bullish’s long-term success in the crypto trading space.
Overall, this partnership between Bullish and B2C2 signals an optimistic move towards achieving enhanced trading liquidity for crypto institutions, potentially benefitting the entire digital asset ecosystem. However, uncertainties remain, and the success of such partnerships depends on various factors, such as the evolving regulatory framework surrounding cryptocurrencies.
Despite these uncertainties, it is undeniable that the crypto industry has seen a surge in institutional interest in recent years. Collaborations like the one between Bullish and B2C2 illustrate the momentum required for businesses to adapt to changing market dynamics and the long-term potential of cryptocurrencies in the worldwide financial landscape.