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November 10, 2021

LONDON and SINGAPORE, November 10th 2021 - B2C2, the counterparty of choice in the institutional crypto markets, and QCP Capital, a market leader in digital asset trading, today announced they have executed a crypto non-deliverable forward (NDF). The bilateral transaction is the culmination of many months of work at B2C2, and paves the way for traditional financial institutions to enter the burgeoning cryptocurrency market. 

Keenly awaited by financial market and crypto native institutions alike, a crypto NDF provides synthetic exposure to cryptocurrencies through a standardised instrument that is widely traded in the foreign exchange market - typically on emerging market trading desks. Unlike a deliverable forward, an NDF provides exposure to the underlying asset without the need to take physical delivery. 

The executed NDF had a bitcoin underlying and was denominated in US dollars. The reference rate used for the crypto derivative was the CME CF Bitcoin Reference Rate (BRR), with a maturity date of November 19th 2021. 

B2C2, with the backing of parent company Japanese financial group SBI, represents a natural entry point for financial institutions seeking to trade crypto with a reliable counterparty.  

QCP Capital is a pioneer in crypto options and derivatives. Specialists in Asian local markets, particularly Southeast Asia, their 60-strong team is strategically based in Singapore.

Darius Sit, co-founder of QCP Capital, said: “QCP views NDFs as a gateway to crypto markets for traditional financial institutions, such as investment banks, that are currently unable to handle the underlying assets. We are delighted to participate in this innovative product alongside B2C2, opening up a new crypto derivatives market."

Phillip Gillespie, co-CEO of B2C2, said: “Crypto NDFs have been long-awaited by institutions seeking an  ‘on-ramp’ instrument they are familiar with, and we’re proud to have executed our first NDF.  We believe this new crypto derivative marks a watershed moment in bitcoin’s journey from the corners of the internet to acceptance by mainstream financial institutions.”

Sui Chung, CEO of CF Benchmarks, said: “We are delighted to see market leaders like B2C2 and QCP Capital break new ground for crypto derivatives markets by harnessing the liquidity of the CME CF BRR. B2C2’s crypto NDF joins the $5.7bn BRR liquidity complex comprised of CME futures contracts, ETFs from Evolve and QR Asset, and the WisdomTree Bitcoin ETP.” 

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About B2C2

B2C2 is the counterparty of choice in the institutional crypto market. Founded in 2015 and headquartered in the UK, with offices in the US and Japan, B2C2 is relied on by aggregators, brokers, exchanges, hedge funds and OTC desks globally to provide 24/7 liquidity. In 2020, B2C2 was acquired by Japanese financial group SBI. B2C2 OTC Ltd. is authorised and regulated by the UK’s Financial Conduct Authority (FRN 810834). For more information, please visit https://www.b2c2.com

About QCP Capital

Founded in 2017, QCP Capital is a market leader in digital asset trading. Pioneers in crypto options and derivatives, the firm currently runs a $2 billion global book. Specialists in Asian local markets, particularly Southeast Asia, the firm has a 60-strong team strategically based in Singapore. For more information, please visit https://qcp.capital/

About CF Benchmarks

CF Benchmarks (CFB) is a UK FCA regulated Benchmark Administrator. It provides cryptocurrency indices and benchmarks under the Benchmarks Regime allowing regulated financial institutions to offer regulated investment and financial products that reference cryptocurrencies. There are currently regulated futures contracts, ETFs, ETPs, OTC derivatives and loans priced and valued using CFB indices  from leading institutions globally. CFB counts CME Group, Nasdaq, WisdomTree, ProFunds, Evolve ETFs and B2C2 amongst its licensees and partners.


Teresa Chick 

Head of Marketing and Communications 



About B2C2

B2C2 is a digital asset pioneer building the ecosystem of the future.

The firm’s success has unlocked access to crypto for institutions by providing the reliable liquidity they need across market conditions. B2C2’s success is built on crypto-native technology and a growing product range that make it the partner of choice for diverse institutions globally. 

Trusted by clients to continuously innovate, B2C2 created the first crypto ISDA Master Agreement in 2018, executed a pioneering bilateral crypto non-deliverable forward (NDF) in 2021, and recently unveiled a dual digital asset instrument (DDAI), providing counterparties with a product that offers decentralised finance-like yields in a regulated centralised finance environment. 

B2C2 provides liquidity in a variety of crypto products across spot, CFDs, options, NDFs and lending.

Founded in 2015 and acquired by Japanese financial group, SBI, in 2020, B2C2 remains a standalone company, headquartered in the UK, with offices in the US and Japan.

B2C2 OTC Ltd. is authorised and regulated by the UK’s Financial Conduct Authority (FRN 810834).

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