After the country’s central bank approved its application, Bit2Me became Spain’s first registered crypto exchange. With this permission, Bit2Me will be able to provide Spanish banks with a white-label solution that will allow crypto trading on their platforms. To commemorate its clearance, the firm is holding an airdrop that will last until March 2.
Bit2Me announced on February 18 that the Spanish central bank has approved its application to operate as a crypto exchange in the country. 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 has generally had a positive attitude toward cryptocurrency, with institutions in the nation participating in different blockchain initiatives since the early days. Banco Santander’s One Pay FX service, developed in collaboration with Ripple, enables users to move money across borders instantly and at a reasonable cost. The lender is also investigating the use of the Ethereum blockchain for digital currency. Santander also announced intentions to create a cryptocurrency exchange-traded fund (ETF) in November 2021.
Meanwhile, other banks in the nation are exploring the possibility of providing crypto services. In the midst of a favourable view of crypto, Spain’s central bank provided guidance on how businesses might register with the regulator to formally offer services linked to digital assets in the nation. The application procedure takes around three months and requires enterprises to comply with credit institution and money laundering regulatory criteria. So far, Bit2Me is the only firm that has successfully registered with the central bank.
Bit2Me presently provides crypto services in over 100 countries, with a total trading volume of $1.25 billion. The firm was created in 2014 and will hold an ICO, or initial coin offering, in 2021. The ICO sold out in minutes, raising $23.7 million. The firm intends to grow its services and presence in Brazil in the first quarter of 2022. In July 2021, the business engaged former Coinbase UK CEO Zeeshan Feroz as a strategic adviser. Huobi Ventures, ICON Foundation, TKX Capital, and Valhalla Capital are among the investors in the Spanish cryptocurrency exchange.