Sunday, December 10

Huobi to buy “tens of millions” of Bit2Me’s token to fuel its expansion

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Bit2Me announced this Wednesday a strategic alliance with Huobi Ventures to promote its expansion in the Spanish-speaking market. Under the deal, Huobi Group’s global investment arm will buy “tens of millions” of the token B2M launched by the Spanish platform last September. Although without specifying volumes or calendar.

Beyond this first movement, the two firms will study new ways of joint collaboration. Along these lines, Unica Yin, director of strategic investments at Huobi Ventures, has indicated that the plans go through “partnering in terms of investments, management and technology” while hoping “to continue discovering more opportunities that benefit both parties in the future,” according to statements collected in a note.

This alliance comes just four months after Bit2Me executed its initial offer of tokens (ICO) for a total amount of 20 million euros. The B2M, which is what these cryptocurrencies are called, were listed this Tuesday around $0.04 and there are currently 1.25 billion of them in circulation.

To the Hispanic world

From the Spanish platform they underline “Huobi’s interest in addressing the Spanish-speaking markets around the world“, whose combined population is around 500 million people. This is where the firm sets its expansion objective after its recent jump to Portugal and its implementation in Brazil, scheduled to start next February, as EL ESPAÑOL-Invertia announced.

Currently, Bit2Me offers more than 20 solutions for the sale and management of virtual currencies through its technological tools. Since its birth in 2015, the Spanish company has managed operations for a total of 1,500 million euros. Of this figure, close to 1,000 million correspond only to last year, when multiplied by 10 the volumes of the previous year.

For its part, Houbi Ventures, the investment arm of the cryptocurrency giant of Chinese origin, has invested more than 70 million dollars through hundreds of projects in blockchain, stablecoins and other ecosystem initiatives cripto. Yin has shown his conviction that the Spanish company with which he has now allied “will become a leader in products and services cripto in the Spanish-speaking world.