How do TDMM and B2C2 compare at a glance?
| TDMM | B2C2 | |
|---|---|---|
| Founded | Active since 2015 | 2015, London |
| Ownership | Part of TradeDog Group | Acquired by SBI in 2020; operates as a standalone company |
| Core business | Market making for token projects | Institutional OTC liquidity: spot, CFDs, options, funding, stablecoin swaps |
| Issuer market making | Core service on CEX and DEX | Offered to foundations, protocols and newly listed assets, with KPIs for uptime, spread and quote volume |
| DEX coverage | Uniswap, PancakeSwap, Raydium, Orca and others on seven chains | Not mentioned on its market making page |
| Regulatory footing | Not published | CSSF-authorised MiCA provider in Luxembourg; AMF-authorised French entity; FCA-authorised UK entity for regulated activities |
| Client type | Token projects, foundations and investors | Professional and institutional clients only; no retail |
| Commercial model | Retainer; token loan structures by agreement | Flexible engagement models; no terms published |
Who is B2C2?
B2C2 was founded in London in 2015 and acquired by SBI, the Japanese financial group, in 2020. It is best known as an electronic OTC liquidity provider to hedge funds, brokers, exchanges and banks, streaming prices in spot crypto and offering CFDs, options, funding and a zero-fee stablecoin swap product called PENNY. It bought Paris market maker Woorton in 2023, and in May 2026 its Luxembourg entity was authorised under MiCA, which B2C2 described as a first for a global OTC liquidity provider.
Unlike some institutional desks, B2C2 markets a service to token issuers. Its market making page addresses leading crypto foundations, protocols and newly listed assets, with bespoke liquidity programmes, KPIs defined upfront for uptime, spread targets and quote volumes, relationships with tier-one exchanges and access to Japan through SBI. The page does not mention DEXs and gives no fee, loan or retainer terms. Press reports in July 2026 said B2C2 had held talks about a sale; the company did not comment.
Where is B2C2 strong?
Regulated in several places
MiCA authorisation in Luxembourg and France, an FCA-authorised UK entity and registrations in the US and Cayman Islands.
Institutional OTC depth
Streaming prices across 75+ currencies, with options, CFDs and funding from one margin account.
SBI ownership
The backing of a large listed financial group and a route into Japan.
Stated issuer programme
A market making offer for foundations with KPIs on uptime, spread and quote volume.
Where does TDMM differ from B2C2?
DEX market making
TDMM manages pools and ranges on seven chains on the same book as exchange order books. B2C2's market making page covers exchanges only.
Any stage, any size
B2C2 addresses leading foundations and newly listed assets on tier-one exchanges. TDMM also works with small-cap tokens and second-tier venues.
Depth as a commitment
TDMM writes minimum depth at 0.5%, 1% and 2% into the mandate. B2C2's listed KPIs are uptime, spread and quote volume.
Listing and launch preparation
TDMM plans liquidity for listings and token launches from 60 to 90 days out.
Where is each B2C2 entity authorised?
B2C2 operates through several entities. Which one a project contracts with decides which rules apply.
| Entity | Place | Status as published by B2C2 |
|---|---|---|
| B2C2 Europe S.a r.l. | Luxembourg | CSSF-authorised crypto-asset service provider under MiCA (May 2026) |
| Woorton SAS | France | AMF-authorised crypto-asset service provider under MiCA |
| B2C2 OTC Ltd | United Kingdom | FCA-authorised for regulated activities; cryptoasset services are not FCA-regulated |
| B2C2 USA Inc. | United States | FinCEN money services business registration |
| B2C2 Overseas Ltd | Cayman Islands | Registered with CIMA |
TDMM or B2C2: which fits which project?
| Your situation | Likely better fit | Why |
|---|---|---|
| Established foundation wanting a MiCA-authorised counterparty | B2C2 | CSSF and AMF authorisations |
| Listing on tier-one exchanges with treasury OTC needs in major assets | B2C2 | Integrated OTC, funding and exchange market making |
| Want exposure to Japanese markets | B2C2 | Access through SBI |
| Token with DEX pools or on several chains | TDMM | CEX and DEX on one book |
| Small-cap or pre-launch token | TDMM | Lifecycle service from pre-TGE |
| Want two market makers | Both together | An institutional provider on tier-one venues and a lifecycle provider across the rest |
What should you ask both firms before signing?
Do your KPIs include depth?
Spread and uptime say little without a minimum depth near the price.
Which venues will you quote?
Ask for the exchange list and whether DEX pools are included.
What is the engagement model?
Retainer, loan or another structure, with the cost stated in dollars.
Which entity signs, and is the service regulated there?
Authorisation often covers some services and not others.
Which other TDMM comparisons can you read?
TDMM publishes 16 one-to-one comparisons. Each uses the same structure so they can be read side by side.
Frequently asked questions
What is B2C2?
B2C2 is a crypto liquidity provider founded in London in 2015 and owned by SBI since 2020. It provides institutional OTC trading in spot, CFDs and options, funding, stablecoin swaps, and market making for foundations and newly listed assets.
Does B2C2 offer market making for token projects?
Yes. Its website describes market making and liquidity provision for leading crypto foundations, protocols and newly listed assets, with KPIs for uptime, spread targets and quote volumes on tier-one exchanges. It publishes no pricing and does not mention DEXs.
Is B2C2 regulated under MiCA?
B2C2 Europe S.a r.l. was authorised by Luxembourg's CSSF as a crypto-asset service provider under MiCA in May 2026, and its French entity Woorton SAS is authorised by the AMF. Its UK entity is FCA-authorised for regulated activities only.
How is TDMM different from B2C2?
B2C2 is an institutional OTC firm that also serves large foundations. TDMM is a market maker for token projects of any size, covering CEX and DEX and adding listing support, treasury and exit management.
Which is better for a small-cap token, TDMM or B2C2?
B2C2's offer is addressed to leading foundations and assets on tier-one exchanges. A small-cap or pre-launch token is more likely to fit TDMM. Ask B2C2 directly about minimum size.
Who owns B2C2?
SBI, the Japanese financial group, took a minority stake in July 2020 and announced the acquisition in December 2020. B2C2 says it remains a standalone company.
Related TDMM offerings and guides
Offerings
Details about B2C2 come from its website and public records read on 9 October 2026 and may have changed. B2C2 is not affiliated with TDMM and its name is used for identification only. TDMM publishes this page and has an interest in the comparison. This is not investment, legal or tax advice.