Tuesday, October 4, 2022

Bit2Me Acquires Peruvian Crypto Exchange, Keen On Expanding Into Latin America

The largest Spanish crypto exchange Bit2Me has acquired the majority stake in Peru-based crypto exchange Fluyez. Bit2Me revealed this in a Thursday announcement, where it also shared its ambitions to expand its footprint in a similar manner, across all of Latin America. That means the exchange is open to buying opportunities that may spring up in Uruguay, Chile, Colombia, and the like.  

Fluyez will retain its identity, says Bit2Me COO

According to Andrei Manuel, Bit2Me COO, acquiring an 85% stake in Fluyez cost over 1 million euros ($1.022 million), but Luis Eduardo Berrospi, co-founder and CEO of the company will continue heading its operations. Additionally, Berrospi claims that there are no plans to change the name of the Peruvian company. However, he shared that there are plans in place to ensure its growth to about 100,000 users within a year. Presently, the platform has about 10,000 users.

Expansion plans in top gear

Revealing more of Bit2Me’s expansion plans, Manuel claims that talks are currently ongoing  to acquire another exchange in Chile. According to the COO, Bit2Me is ultimately interested in a number of exchanges across Latin America, as long as they are value between the $1 million and $20 million range. Manual said:

“We are looking for companies that are fully compliant, have users, a wallet where you can exchange cryptocurrencies and fiat, and a solid team.”

More on the expansion, the Spanish giant of an exchange reportedly plans to recruit about 250 workers over the next one year. This will bring its workforce to double its present count.

Meanwhile, it is also understood that Bit2Me already has two MoUs signed. That will allow it to buy a fintech company and a software developer in Spain later in 2022. Recently, the company raised 20 million euros through its 2021 initial coin offering. And it plans to use this, as well as some cash at hand to fund its acquisitions.

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