Tether, a leading issuer of stablecoins, has acquired a minority interest in the Spanish cryptocurrency exchange Bit2Me, spearheading a €30 million (approximately $35 million) investment to enhance the exchange’s presence in Europe and Latin America.
Bit2Me recently achieved a milestone as the first Spanish-speaking fintech to gain authorization from Spain’s securities regulator under the European Union’s new MiCA framework. This approval paves the way for broader operations throughout the EU.
The investment from Tether is facilitated through Tether Ventures, its El Salvador-based venture arm that invests profits and reserves into technology infrastructure and various projects. Tether has a diverse investment portfolio, including interests in the Italian football club Juventus, the major Latin American producer Adecoagro, blockchain forensics firm Crystal Intelligence, video platform Rumble, and gold-focused investment firm Elemental Altus.
With the new funding, Bit2Me aims to expand further into Latin America, particularly targeting Argentina, where an increasing need for cryptocurrency services is evident, and where it obtained a Virtual Asset Service Provider license last year.
“We’re thrilled to support their efforts in providing regulated crypto-asset services across Europe and beyond,” stated Tether CEO Paolo Ardoino.
Bit2Me has already attracted investment from Telefónica and prominent Spanish financial institutions, including Unicaja, BBVA, and Cecabank, according to a press release shared with CoinDesk.
The specific terms of the agreement, such as the precise size of Tether’s investment stake and Bit2Me’s updated valuation, have not been publicly disclosed.