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  • Market maker B2C2 announced its new CEO for a Japanese outpost.
  • Phillip Gillespie, formerly of Goldman Sachs, will start at the end of the month.
  • He told Business Insider he sees a big opportunity in the market and isn’t too concerned about regulators.

B2C2, a top crypto trading firm, is leaning into the Asian cryptocurrency market with a new outpost in Japan.

Leading up efforts to expand the firm’s reach on the continent as B2c2’s Japan CEO is Phillip Gillespie, formerly of Goldman Sachs. B2C2, an over-the-counter crypto trader based in the UK, is among the most notable market-making firms in the nascent market for digital coins. Gillespie will start at the end of the month and will be based in Tokyo.

“I am very pleased to welcome Phillip as CEO of B2C2 Japan,” said Max Boonen, founder of B2C2, said. “His expertise in the FX market will be a great asset as we ramp up our business in Japan and the Asia Pacific region more broadly.”

Gillespie told Business Insider he is looking to expand his team to five people later this year

“The goal is to help provide liquidity to our clients and grow our OTC business, which we hope will exceed our volumes on exchanges by year-end,” he told Business Insider.

Japan has become a big market for cryptocurrency trading, according to Deutsche Bank.

40% of bitcoin trading between October and November was conducted in yen, according to a Nikkei report cited in a note by Masao Muraki, a global financial strategist at Deutsche Bank.

Following is lightly edited Q&A with Gillespie about the opportunity he sees in the market and his new role.

Chaparro: You join B2C2 from Goldman Sachs. How does your experience there translate into this role?

Gillespie: My role at Goldman Sachs (and JPMorgan and Barclays before) has Read More Here