A prominent crypto exchange based in Spain has progressed in its growth strategy by raising 14 million euros in part to expand into Latin America.
Bit2Me also plans to strengthen its position in the Spanish market with the funds raised, which amount to approximately $15 million, according to a June 19 news release.
“This financing will be a boost to get new clients, since with Investcorp we have an international partner with a lot of financial muscle and with Telefónica a channel to boost us in Latin America,” Leif Ferreira, co-founder and CEO of Bit2Me, said in the release.
Registered with the Bank of Spain and owned by Inveready, Bit2Me garnered the investment that was led by Investcorp, which has more than $50 million in assets under management, the release said. Other investors are Telefónica Ventures; Stratminds VC, a venture capital fund based in Silicon Valley; Emurgo and Gabby Dizon, CEO of the YGG fund.
The 14 million euros will help Bit2Me reach its goal of “global adoption of cryptocurrencies,” the release said.
“This large investment will be used to consolidate itself as the main exchange in Spain and accelerate its expansion throughout Latin America,” the release said. “Thus, increasing its client portfolio and positioning itself as a leading player in the Web3 sector at an international level.”
Investor and CFO of Bit2Me Pablo Casado said “with this new impulse, Bit2Me will continue to bet on Spain as the physical and fiscal headquarters, within a regulated environment concerned about the security and tranquility of our clients,” according to the release.
Bit2Me won the 2022 Expansion of Compliance Award and has “the ISO/IEC 27001 Security Certification from the Information and with specific agreements with Ledger Enterprise or Prosegur Crypto,” the release reported. Bit2Me is registered with the Bank of Spain and is owned by Inveready Venture Capital, the fund with €1 billion in assets under management that is rumored to have the highest return in the Spanish market.
“The closing of this round of investment is a point and followed, and not a point apart,” Koh Onozawa, co-CEO of Bit2Me, said in the release. “We continue working to incorporate new strategic investors aligned with the company's innovation philosophy, and in the short and medium term other international investors will join our projects.”
Partner of Investcorp's Blockchain Fund Herve Francois said Bit2Me is well-positioned to benefit from the expansion in the quickly changing market, the release said. Through the specialized institutional blockchain fund eLydian Lion, Investcorp will assist its management team.
