- Trending
- Comments
- Latest
Leading stablecoin issuer Tether has taken a minority stake in Spanish crypto exchange Bit2Me, spearheading a 30 million-euro ($35 million) funding round. This investment round, known as the Bit2Me funding round, aims to bolster the exchange’s presence in Europe and Latin America, particularly in Argentina, where demand for crypto services is surging.
Bit2Me recently became the first Spanish-speaking fintech authorized by Spain’s securities regulator under the EU’s new MiCA framework. This approval allows Bit2Me to operate across the European Union, significantly expanding its reach and influence. The Bit2Me funding round, led by Tether, is a strategic move to capitalize on this regulatory milestone and accelerate the exchange’s growth.
“We’re excited to support their role in developing regulated crypto-asset services in Europe and beyond,” said Tether CEO Paolo Ardoino in a statement. “This investment will help Bit2Me deepen its reach in Latin America, particularly Argentina, where it received a Virtual Asset Service Provider license last year.”
Tether’s investment in Bit2Me is part of its broader strategy to deploy profits and reserves into tech infrastructure and other projects. Tether Ventures, the El Salvador-based venture arm of Tether, has previously invested in a variety of industries, including Italian football club Juventus, major Latin American producer Adecoagro, blockchain forensics firm Crystal Intelligence, YouTube competitor Rumble, and gold-focused investment firm Elemental Altus.
This Bit2Me funding round is a testament to Tether’s commitment to supporting innovative and regulated crypto-asset services. By investing in Bit2Me, Tether is not only expanding its own influence but also contributing to the development of a more robust and regulated crypto ecosystem in Europe and Latin America.
Bit2Me plans to use the funds from the Bit2Me funding round to expand its operations in Latin America, particularly in Argentina, where it has already established a strong foothold. The exchange aims to leverage its Virtual Asset Service Provider license to meet the growing demand for crypto services in the region.
“Bit2Me’s authorization under the EU’s MiCA framework is a significant milestone for us,” said Bit2Me CEO Iván Fernández. “This approval, combined with the support from Tether and other major investors, will enable us to expand our services across the European Union and further into Latin America.”
The Bit2Me funding round has garnered attention from industry experts and stakeholders, who see it as a positive development for the crypto ecosystem. The investment from Tether, along with backing from major Spanish institutions like Telefónica, Unicaja, BBVA, and Cecabank, signals confidence in Bit2Me’s growth potential and regulatory compliance.
“Tether’s investment in Bit2Me is a strategic move that will benefit both companies and the broader crypto industry,” said Maria Gonzalez, a crypto analyst at CoinDesk. “This funding round will allow Bit2Me to expand its operations and contribute to the development of regulated crypto-asset services in Europe and Latin America.”
As Bit2Me continues to grow and expand its reach, the crypto industry will be closely watching its progress and the impact of this significant investment. The Bit2Me funding round is not just a financial transaction but a strategic move that could shape the future of crypto exchanges in Europe and beyond.
