TLDR
- Bankinter has invested in Bit2Me, securing a minority stake in the cryptocurrency exchange.
- The investment is part of a 30 million euro funding round that includes Tether.
- Bankinter joins other major institutions like BBVA, Unicaja, and Cecabank in backing Bit2Me.
- The deal aims to foster synergies in blockchain and distributed ledger technology.
- Bit2Me operates under the EU’s Markets in Crypto-Assets regulation, allowing it to expand across Europe and Latin America.
Spanish banking giant Bankinter has invested in the cryptocurrency exchange Bit2Me, securing a minority stake in the company. The move comes as part of a 30 million euro ($33 million) funding round, which also saw Tether participate. This marks another step for Bankinter in embracing the growing crypto sector alongside established players like BBVA.
Bankinter Strengthens Ties to Crypto Industry
Bankinter’s investment adds to the list of traditional financial institutions supporting Bit2Me. The exchange already boasts major backers, including BBVA, Unicaja, and Cecabank. This latest involvement signifies Bankinter’s strategic interest in expanding its digital and technological offerings within the rapidly evolving cryptocurrency market.
In a statement, the bank highlighted its aim to foster synergies through collaboration in blockchain and distributed ledger technology (DLT). Bit2Me, which operates under the EU’s Markets in Crypto-Assets (MiCA) regulation, plans to use this investment to grow its operations across Europe and Latin America. The regulatory framework enables Bit2Me to offer compliant crypto services to financial institutions in these regions.
Bit2Me’s Role in Traditional Finance
Bit2Me’s expansion into traditional finance is already well underway. The company provides backend crypto services for Garanti BBVA, Turkey’s largest private bank. Furthermore, it has partnered with Cecabank to launch a custody and trading platform, further integrating into established financial structures.
Bit2Me has positioned itself as a gateway for banks seeking regulated access to the crypto market. The platform has steadily increased its involvement with traditional financial institutions. CFO Pablo Casadío emphasized that collaborations like the one with Bankinter show the banking sector’s willingness to integrate strengths rather than compete with fintech companies.
The funding round, led by Tether and including Bankinter, is a clear reflection of the growing confidence in the cryptocurrency sector. As Bit2Me continues to build its capital base, it is positioning itself as a key player in bridging the gap between traditional finance and the crypto market.
