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Bit2Me, a renowned crypto exchange from Spain, has successfully raised a substantial sum of $15 million in a recent funding round. Investcorp, a prominent international partner with remarkable financial influence, led the funding efforts.
Bit2Me Raises $15 Million in Funding Round Led by Investcorp and Telefónica Ventures
Bit2Me’s investment round was further extended by the participation of Telefónica Ventures, the investment division of Telefónica, Spain’s largest telecommunications company, as well as Stratminds VC, Cardano, and YGG Fund, as highlighted in Bit2Me’s official press release.
These newly acquired funds will play a pivotal role in Bit2Me’s strategic objectives. The company aims to bolster its position within Spain, while simultaneously accelerating its expansion initiatives in the dynamic landscape of Latin America.
With Investcorp’s strong backing and Telefónica’s invaluable support, Bit2Me anticipates attracting a substantial number of new customers and benefiting from additional channels for growth in the Latin American market, according to Leif Ferreira, the co-founder and CEO of Bit2Me.
In a noteworthy development from July 2022, Bit2Me successfully acquired a controlling stake in Fluyez, a prominent peer company based in Peru. This strategic move marks the initial phase of Bit2Me’s diligent pursuit of potential acquisition opportunities in Chile, Colombia, and Uruguay, as disclosed by the company at that time.
Additionally, Bit2Me achieved a significant milestone in February 2023 by obtaining approval from the esteemed Bank of Spain. This notable accomplishment solidifies Bit2Me’s position as the foremost provider of virtual currency exchange services and secure custody solutions for digital wallets.
As Bit2Me embarks on its expansion journey, it is worth mentioning that leading cryptocurrency exchanges such as Binance and Coinbase have encountered regulatory challenges recently. These exchanges have faced legal action from the US Securities and Exchange Commission (SEC), which alleges violations of securities laws within the United States.
Crypto-Based Companies Continue to Attract Investments Amidst a Market Downturn
The crypto industry continues to witness significant funding activities, with several startups securing investments to fuel their growth and development. Here are some of the latest fundings in the crypto space that investors have found exciting.
London-based payments company BoomFi recently raised $3.8 million in Seed funding. The funding round was led by White Star Capital, with participation from Passion Capital, Blockchain Founders Fund, Kraken Ventures, GSR, Aquanow, Mantle Network, and other notable names.
BoomFi specializes in crypto payment processing, enabling businesses to accept cryptocurrencies across various blockchains and currencies in a compliant and secure manner. The raised funds will be utilized for strategic partnerships, product development, and expanding the merchant base within the web3 sector.
BoomFi plans to make its crypto checkout plugins available on major eCommerce platforms and payment orchestration systems, further facilitating accessible and compliant crypto payments for businesses.’
TaxNodes, a startup specializing in calculating taxes for cryptocurrencies, has received a significant investment of $1.6 million in its initial funding. Esteemed figures in the industry, including Rahul Pagidipati (CEO of ZebPay), Nischal Shetty (founder of WazirX), Ashish Singhal (CEO of CoinSwitch), and Ajeet Khurana (founder of Reflexical), all participated in this funding round.
TaxNodes aims to simplify tax computation and provide end-to-end solutions for individuals navigating the complexities of crypto taxation. The startup is developing an AI-assisted tax advisory model to assist individuals in maintaining control and compliance.
With partnerships already formed with crypto exchanges like ZebPay, WazirX, and Giottus, TaxNodes seeks to ensure a convenient and safe crypto ecosystem, promoting smoother operations and regulatory adherence.
Lastly, Maestro, a Cardano-based platform, has entered into a strategic partnership with venture capital firm EMURGO, which also includes an investment deal. The funding will enable Maestro to support and enhance the adoption of the Cardano blockchain by providing developers and businesses with simplified tools to build products and services on the protocol.
Maestro offers a comprehensive Web 3.0 platform designed for blockchain developers to create decentralized applications (DApps) on Cardano. The platform provides necessary tools and infrastructure services, empowering developers to fund, build, and scale their projects.
Maestro’s Dapp Developer Platform offers real-time tracking of Cardano on-chain data and facilitates the exploration of Layer 2 solutions for faster and more cost-effective transactions.
These recent funding activities highlight the ongoing growth and innovation within the crypto industry, as startups strive to develop cutting-edge solutions and expand their offerings in this dynamic and evolving sector.
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