Bit2Me has become Spain’s first recognized crypto exchange after the country’s central bank approved its application.
The central bank approved the company to provide “services for the exchange of virtual currency for fiat currency and the custody of digital wallets.”
The approval will allow Bit2Me to offer Spanish banks a white-label service enabling crypto trading on their platforms.
To celebrate its approval, the company is conducting an airdrop that will run through March 2.
Spain and Crypto
Spain has historically had a favorable stance toward crypto, with banks in the country engaged in various blockchain projects since the early days.
Banco Santander’s One Pay FX service was built in partnership with Ripple and allows customers to send money across borders instantaneously at a very low cost. The lender has also been exploring the possibility of using the Ethereum blockchain for digital cash.
Santander also announced plans to launch a crypto ETF in November 2021. Meanwhile, other banks in the country are also looking to offer crypto services.
Amid a favorable view of crypto, the central bank of Spain issued instructions on how companies could register under the regulator to officially offer services related to digital assets in the country.
The application process takes roughly three months and obligates firms to comply with regulatory requirements associated with credit institutions and money laundering.
So far, Bit2Me is the first and only company to have successfully registered with the central bank.
Bit2Me’s rise
Bit2Me currently offers crypto services in more than 100 countries, with a total recorded trading volume of $1.25 billion.
The company was founded in 2014 and conducted an ICO, or initial coin offering, in 2021. The ICO sold out within minutes, raising $23.7 million.
The company is looking to expand its services and presence further and plans to begin operations in Brazil in the first quarter of 2022.
In July 2021, the company hired Coinbase UK’s former CEO Zeeshan Feroz as a strategic adviser. The Spanish crypto exchange is backed by Huobi Ventures, ICON Foundation, TKX Capital, and Valhalla Capital.
CryptoSlate Newsletter
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
On-chain analysis
Price snapshots
More context
Discussion about this post