Spanish Bit2Me Acquires Majority Stake in Peruvian Crypto Exchange
- The Spanish largest cryptocurrency exchange Bit2Me revealed it is making efforts to extend its acquisition offer to more exchanges, especially cryptocurrency exchanges in Latin America.
Spanish cryptocurrency trading platform, Bit2Me announced on Thursday that it has acquired a majority stake of upto 85 percent in Peruvian cryptocurrency exchange, Fluyes.
The deal is ostensibly worth more than 1 million euros ($1.022 million).
Despite the massive acquisition of its stake, the Peruvian company revealed that it would continue to maintain its name and leadership with co-founder and CEO Luis Eduardo Berrospi. As such, it reveals that it is not relenting in growing its user base. The Peruvian company unveiled plans to grow from 10,000 users to 100,000 in 12 months.
Prior to the latest development, Bit2Me had received approval earlier this year to be the first provider of services for the exchange of virtual currency for fiat currency and the custody of digital wallets. The approval was made to the company by the Bank of Spain.
Thus, it appears that the new status approved to Bit2Me has triggered its decision to acquire more cryptocurrency trading platforms as its new position requires it to provide Spanish-based banks with a white-label service allowing crypto trading on their platforms.
Bit2Me Eyes Exchanges in Latin American
The Spanish largest cryptocurrency exchange Bit2Me revealed it is still on the search for more fully efficient cryptocurrency firms. It said it is making efforts to extend its acquisition offer to more exchanges, especially cryptocurrency exchanges in Latin America. The company noted countries like Colombia and Uruguay.
Per the report, Bit2Me might be acquiring another exchange very soon as it revealed that it is currently making a deal to acquire an exchange in Chile. According to Andrei Manuel, the COO at Bit2Me, the company’s targets range between $1 million and $20 million. Manuel’s statement reads;
“We are looking for companies that are fully compliant, have users, a wallet where you can exchange cryptocurrencies and fiat, and a solid team.”
As disclosed in the report, Bit2Me is not only making efforts to acquire crypto platforms, but the company is also seeking to expand its ecosystem via the inclusion of FinTech companies. Bit2Me revealed via the announcement that it has already signed two memorandums of understanding to buy a fintech company and a software developer based in Spain.
Furthermore, it noted that the acquisition is scheduled for the second half of 2022. Following plans to also double its headcounts, it will also be adding 250 employees during the next 12 months.
The acquired firms will be financed by the company with cash on hand, including the 20 million euros it raised through an initial coin offering last year.