B2C2, a digital asset liquidity provider owned by Japan’s SBI Holdings, announced the appointment of Elizabeth Rossiello as chief operating officer on October 21 as it accelerates its expansion into stablecoin liquidity. Rossiello previously founded AZA Finance.
“The next big shift in digital assets isn’t happening on trading screens but in payments, where stablecoins are becoming a faster way to move money between markets that traditional banking has struggled to serve,” said Thomas Restout, Group CEO of B2C2.
“Elizabeth hasn’t just advised on that kind of business; she has run and scaled one across regulated markets in Europe and Africa. Her appointment signals the next phase of B2C2’s growth. We want to be the liquidity behind global payments, not just global trading.”
Rossiello spent over a decade building hard-to-reach local currency corridors at AZA Finance, navigating the exact regulatory and operational friction that B2C2 could encounter in this new phase.
What B2C2 is expanding into
B2C2 operates in institutional digital asset markets. Its business connects institutions that need to buy, sell or transfer assets with the liquidity required to execute those transactions.
Stablecoins introduce another opportunity. With their value generally pegged to a reference asset, such as the US dollar, businesses can use them to move value across blockchain networks without relying on conventional banking rails.
A business receiving USDC or USDT may still need to convert those tokens into fiat currency to settle with a supplier, pay employees or access a bank account. Those steps require liquidity, reliable counterparties, payment connections and compliance with regulations.
B2C2’s recent product decisions suggest it wants to strengthen its position in this infrastructure.
In October 2025, the company launched PENNY, a stablecoin swap service designed to help financial institutions manage exchange, treasury operations and cross-border payments.
In April 2026, it designated Solana as a network for institutional stablecoin settlement. The company also announced in April that it had become a global over-the-counter liquidity provider authorised under the European Union’s Markets in Crypto Assets framework.
These developments provide context for Rossiello’s appointment, having built a business around making cross-border financial services function, including currency conversion, liquidity management, local payment infrastructure and settlement.
The infrastructure AZA Finance built
Rossiello started AZA Finance as BitPesa in 2013 when blockchain technology was still largely associated with Bitcoin rather than the payment infrastructure it might support.
The company initially used fiat currency and mobile money to facilitate cross-border transfers. It later expanded into exchange and payment solutions, transitioning to AZA Finance in 2019.
In a June 2025 interview with Financial Afrik, Rossiello described AZA Finance as a business that had spent 11 years developing foreign exchange liquidity across G20 currencies. Its customers included fintech companies, businesses, banks, telecoms operators and non-governmental organisations.
She made an important point about stablecoins. Their usefulness in cross-border trade, she argued, depends on the availability of routes into local currencies. A business that receives dollars still needs a practical way to turn them into money that can be spent
The value of infrastructure lies partly in the relationships and operational knowledge accumulated over time. A company must understand the rules governing each market, establish banking and payment connections, manage currency liquidity and navigate the requirements that apply to transactions.
A blockchain can transmit a stablecoin across borders. It cannot independently guarantee that the recipient can convert it into naira, cedis or shillings at a competitive rate.
Meanwhile, Rossiello shares history with B2C2’s owner. She has worked with SBI Holdings through AZA Finance for nearly a decade, experiencing its long-term strategic support firsthand. That collaboration began in 2018 when she spearheaded a partnership between SBI Remit and AZA Finance to streamline blockchain payments between Japan and Africa. The relationship deepened in 2020 when SBI Investments backed AZA with $15 million in funding.
The AZA Finance acquisition that did not go to plan
On June 3, 2025, dLocal announced its intention to acquire AZA Finance at $150 million, describing the proposed deal as a way to expand its footprint, increase cross-border payment volumes and strengthen treasury operations, foreign exchange capabilities and stablecoin coverage.
At the time, the companies presented the combination as complementary. dLocal connected global merchants to emerging markets, while AZA Finance brought expertise in African currencies and payments. The proposed acquisition was expected to improve the services to dLocal’s customers across the continent.
The transaction subsequently took a different course. According to dLocal’s filings, a third party (FTX bankruptcy trust – Alameda Research estate) initiated proceedings against AZA Finance in July 2025.
The company then decided to restructure the transaction to focus on assets and entities it considered strategically relevant. The proceedings were formally withdrawn in November 2025.
On February 27, 2026, dLocal completed the acquisition of selected assets and the entire share capital of Mint Code Solution, a payments entity.
The completed transaction covered three elements: the Cameroonian entity and its payment licence, intellectual property associated with the AZA Finance brand and customer relationships across AZA’s African payments business.
The deal was valued at $23.7 million and settled through the cancellation of debt previously extended to AZA Finance.
Why Africa matters to this appointment
Sub-Saharan Africa received more than $205 billion in on-chain value between July 2024 and June 2025, according to Chainalysis.
Nigeria accounted for more than $92 billion of that activity. These figures cover crypto broadly and do not say if businesses can convert at a competitive rate through regulated channels, which is the part AZA Finance spent years building.
They also come from a region where cross-border payments and access to foreign currency remain important business concerns.
In the announcement, Rossiello said she sees an opportunity to connect payments, trading and investing through institutional-grade liquidity as B2C2 expands its presence in global payments. Her statement references emerging markets like Africa, but B2C2 has not said it plans to enter African markets.