UK-Based OTC Desk B2C2 Will Expand Into the US

B2C2 has recently announced an expansion. As several cryptocurrency over the counter (OTC) desks are facing bad times because of the bear market, some others are looking to grow their business and B2C2 is one of them.

The company has affirmed today, March 21, that the new goal of the company is to branch out to the U. S. The U. K.-based company has already branched to Japan and Europe as well, so it is expected that it would seize the chance to enter the largest economy of the world as soon as it was able to.

B2C2’s CEO, Max Boonen, was interviewed by The Block Crypto and affirmed that the company had to be very careful while coming to the United States as the country is very rigid on regulation. However, he affirmed that “the stars have aligned” and that they are comfortable with such a big market now.

Rob Catalanello will lead the U. S. front. He has experience in the New York’s Federal Reserve FX Market Committee, where he worked for the total time of nine years. He affirmed to the crypto media that he was very impressed with the technology and the business model of the company and that this is why he is set to head the U. S. branch of B2C2.

According to him, the future is very bright and he feels optimistic about the whole thing, based on the early response of the people who knew about the idea. This way, they want to challenge the big OTC desks which dominate the U. S. and set up shop there.

Initially, the company, which will be based in Jersey City, will be more focused on trading cryptos against the USD and targeting institutional investors as a primary market. However, some derivatives may be introduced in the future as well.

The CEO of the OTC desk has affirmed that having success in the U. S. is very important for the company and that he knows that it will be hard since many regulatory bodies will keep an eye on them, but that they need to follow the demand and be compliant with this new territory, as it might just be a very profitable one.

Trouble For Crypto OTC Desks

Despite all the optimism at B2C2, the industry is far from being living its best times. Several companies are having to lay off staff. CMT Digital, for instance, fired over 10 people from its OTC desk team. Kenetic Capital shut its whole OTC business.

Unfortunately, not all the companies in the market can be as successful as it looks like B2C2 has become.