Bit2Me, a Spanish cryptocurrency exchange, has raised $23.9 million (20 million EUR) in three highly-demanded public sale rounds for its newly launched token, B2M. The first public sale, which took place on September 6th, 2021, raised a whopping $5.9 million in just 59 seconds, followed by a second that raised $8.8 million in just 47 seconds. The final phase, which drew over 7,000 people, sold out in just 38 seconds. Each represents some of the fastest and highest-grossing public sales of an exchange-based token in crypto history.
Bit2Me drew on its existing network of partners and investors, securing an additional $3.3 million in private funds, in addition to this staggering retail demand. Furthermore, given the amount raised thus far and the community’s growth and interest since B2launch, M’s the Spanish exchange is confident that momentum will continue until November 1st, when B2M goes live on Bit2Me’s own cryptocurrency exchange.
In response to the success of the token sale, Koh Onozawa, a recent addition to Bit2Me’s advisory board, stated that the sales are the result of Bit2Me’s “6 years of hard work and community building,” with the team having “bootstrapped” the exchange from a small unknown exchange to one of the largest in Europe and the largest in the Spanish speaking world.
Onozawa continued, “The team is excited to see what the future holds for the exchange, as well as the change and impact it will have on the cryptocurrency exchange industry as a whole:”
“We [Bit2Me] will not stop until everyone has easy access to and uses cryptocurrency in their daily lives.”
Indeed, Bit2Me has been on a development spree in response to this mission, reflecting its goal of becoming a one-stop ecosystem for all things cryptocurrency-related. Their product portfolio, aptly named the Bit2Me Suite, consists of a variety of products that are specifically designed to meet the individualized needs of its dedicated user-base.
These include Bit2Me Wallet, a multi-asset storage and exchange application that hosts over 60 different crypto assets, Bit2Me Trade, a high-frequency trading platform that supports market, limit, and stop-limit orders, and an over-the-counter (OTC) trading desk to support high-volume transactions.
Furthermore, Bit2Me has correctly focused on an area of the crypto-world that arguably still requires a significant amount of attention – fiat-crypto off and on-ramps. Bit2Me Pay and Bit2Me Card are payment solutions for cryptocurrency traders, allowing them to buy crypto-assets with fiat currencies and spend them using traditional online payment gateways.
Furthermore, the Bit2Me ecosystem provides community-focused products such as Bit2Me Academy for crypto learning, Bit2Me News, Bit2Me TV, directory services, event listings, loyalty programs, and a variety of on-demand community services.
B2M: The Engine That Drives the Bit2Me Ecosystem
All of this is powered by Bit2Me’s newly launched Ethereum-based token, B2M. B2M is a utility token that serves as a medium of exchange for information and value in the Bit2Me ecosystem. Users can use the ERC-20 token to pay for Bit2Me’s educational resources, such as courses in the Bit2Me academy, and even receive exclusive discounts (up to 90% ) on content.
These savings also apply to fees incurred when using Bit2Me’s exchange services, such as Bit2Me Trade and Bit2Me Wallet. You will receive these benefits solely by holding B2M; you will not be required to spend it.
Finally, Bit2Me’s token will power the cryptocurrency exchange’s borrowing and lending facility, drawing inspiration from the decentralized finance (DeFi) space. Users who effectively “stake” other cryptocurrency assets, such as Bitcoin (BTC) or Ethereum (ETH), allowing those assets to be borrowed by others for trading purposes, will be paid interest. Lenders’ earned interest will be significantly higher if they agree to receive these payouts in B2M.
Finally, the Bit2Me team is considering incorporating a governance feature into the B2M framework that will allow holders to vote on the platform’s product offering and additional features. This could include voting on specific features, cryptocurrency listings, and the exchange’s overall direction.
If the successful public offering is any indication of future success, Bit2Me is destined to be a giant in the cryptocurrency exchange space for the foreseeable future.