The Bank of Spain has approved Bit2Me to be the “first supplier of services for the conversion of virtual currency for fiat money and the safekeeping of digital wallets,” according to the company’s announcement on Thursday.
According to CoinDesk, Bit2Me will soon be able to supply Spanish-based banks with a white-label solution that would allow crypto trading on their platforms. The business is now in talks with “many institutions.”
Why Bit2Me was the Bank’s Choice
According to Bit2Me, the Bank of Spain approved the firm because it meets “the commercial and professional honorability standards set for credit institutions, as well as the legislation for the prevention of money laundering.”
The Bank of Spain released guidance to institutions in October 2021 on how to register with the central bank to provide crypto-related services in Spain.
Bit2Me, based in Spain, provides cryptocurrency services in over 100 countries and had a trading volume of EUR 1.1 billion ($1.25 billion) in 2021, according to the business.
Bit2me earned EUR 20 million ($22.7 million) through an initial coin offering in 2021 and expects to launch in Brazil in the first quarter of 2022, according to Bit2Me’s COO, Andrei Manuel. Brazilian consumers will be able to purchase and sell cryptocurrency with fiat currency, and crypto-to-crypto trading will be available.
Bit2Me engaged Zeeshan Feroz, the former CEO of Coinbase UK, as a strategic consultant in July and later selected Baldomero Falcones, the former president of Mastercard International, as a senior adviser.
