Who B2C2 is
B2C2 is a crypto liquidity provider founded in 2015 and headquartered in London. It quotes and trades crypto and fiat pairs around the clock, and also offers derivatives, financing and PENNY, a stablecoin swap service. The Japanese financial group SBI acquired it in 2020 and is its majority owner, while B2C2 remains a standalone company.
It works only with institutions, such as banks, brokers, exchanges, payment companies, fintechs and asset managers, and never with retail customers. Clients trade on its platform or connect over REST, WebSocket and FIX APIs, which is why it is one of the providers our FX module and matching engine connect to.
What it does in your platform
FX
Quotes the crypto side of conversions. Its streamed two-way quotes join your other sources, and once a customer's conversion has booked in your ledger, the module covers it with B2C2 in the background.
Matching engine
Backs quieter pairs with outside liquidity. B2C2's streamed quotes can stand behind a pair's order book, so customers see depth they can trade from the first day while your own market makers build theirs.
How the connection works
The connectors use B2C2's APIs: WebSocket for streamed quotes, REST for requests for quote and trades, and FIX where a session suits better. B2C2's credentials stay in your platform's secrets.
Quotes stream in
B2C2 streams two-way quotes for the pairs you trade, and the module reads them next to your other sources.
A customer converts
Your app shows the rate with your margin, the quote holds for its validity window, and on confirm the conversion books in your ledger at once.
A request for quote
To cover it, the module asks B2C2 for a quote on the amount, or trades on the streamed quote, for one conversion or a netted batch.
The trade is done
B2C2 confirms the trade, and the module books it to your ledger next to the customer's conversion.
Settlement follows
B2C2 offers settlement after the trade, so it need not be funded first, on the terms agreed with you. Your treasury team follows every trade, open or settled, in the admin backoffice.
Next to other providers
In the FX module, B2C2 is one of the crypto liquidity providers, with Wintermute, Cumberland, Coinbase Prime and Kraken. The module compares their quotes, executes with the best, and keeps quoting if one of them stalls.
In the matching engine, it sits in the external liquidity group with Binance, Kraken, OKX, Coinbase Prime and Wintermute, and your own market makers quote next to it through FIX and WebSocket. Adding another provider, or moving away from B2C2 later, does not change your apps or your traders' integrations.
When B2C2 fits best
A strong fit when
- You want one institutional counterparty for crypto conversions, around the clock.
- You prefer to trade first and settle after, on agreed terms, instead of funding every trade in advance.
- Your team wants to connect over REST, WebSocket or FIX, whichever suits each flow.
Also worth a look
- Another liquidity provider from the same group, such as Wintermute or Cumberland, quoting next to B2C2.
- A venue such as Kraken, or a prime broker such as Coinbase Prime, when you would rather trade against order books.
How we get you live
The contract
We help you get your B2C2 account and contract in place, including the trading and settlement terms for your markets.
The pairs
We set up with you the pairs B2C2 covers in each module, your margins on conversions, and the limits on the outside liquidity behind each order book.
The keys
B2C2's API credentials go into your platform's secrets and nowhere else, and only the connectors use them.
A full test run
Quotes and trades run in B2C2's UAT environment, from a customer's confirm to your ledger, before the first live trade.
