Spanish banking giant Unicaja invests in crypto exchange Bit2Me, gaining over 5% ownership and a board seat, signifying a major move forward in blockchain & crypto adoption.
Unicaja, a Spanish banking giant has disclosed a substantial investment in crypto exchange Bit2Me.
This strategic partnership, which involves one of Spain’s top five institutions investing in a prominent digital asset platform, represents a significant milestone in the financial sector’s adoption of blockchain technology and cryptocurrencies.
Unicaja’s Investment in Crypto Exchange
By investing in the renowned cryptocurrency exchange Bit2Me, the Spanish banking giant Unicaja has made a substantial stride into the cryptocurrency sector.
The investment, made through Unicaja’s venture capital arm, is a significant move by one of Spain’s top five banks into the digital asset industry.
It was the first crypto exchange to obtain registration from a Spanish entity that serves over 1 million customers.
While the specifics of the transaction have not been disclosed, it is known that they would acquire more than 5% ownership of the exchange and a seat on its board of directors.
Additionally, the two companies have executed a commercial cooperation agreement, which suggests a more extensive partnership than the initial investment.
Isidro Rubiales, the CEO, emphasized the strategic significance of this action, asserting that it will enable the bank to “anticipate the future and incorporate solutions that enhance our services and facilitate our adaptation to the changes demanded by customers.”
Through this partnership, the giant bank aims to explore three key areas: new opportunities created by the EU’s MiCA regulations, asset tokenization under the DLT Pilot Regime and broader blockchain applications, and preparation for the potential introduction of a digital euro.
Meanwhile, Bit2Me intends to provide Unicaja’s banking services to its customer base, with the potential to establish a connection between the traditional financial sector and the crypto sector.
Spain’s Regulatory Reforms
The recent partnership is a positive development for the adoption of cryptocurrency; however, it is important to note that the digital landscape of Spain continues to face ongoing regulatory challenges.
The High Court of Spain has issued an order for the provisional suspension of Telegram services nationally.
Media companies lodged complaints regarding the platform’s unauthorized publishing of copyrighted content, which led to this decision.
In another development, the Spanish Agency for Data Protection (AEPD) has suspended Worldcoin’s operations in Spain.
The tools for humanity corporation, which oversees Worldcoin, has voluntarily consented to cease the collection and processing of personal data until the conclusion of 2024.
The reason for this halt is the ongoing investigations into the company’s data handling practices.
