It took no more than a minute for Spanish exchange Bit2Me to successfully complete the first phase of its B2M token initial coin offering (ICO). While the platform is well known to bitcoin (BTC) traders located in Spain, this may not be the case for the rest of the world.
The Spanish-style crypto exchange: Bit2Me
Bit2Me is a Spanish exchange platform founded in 2014 by Leif Ferriera, its CEO, Andrei Manuel, its COO (chief operating officer), and Pablo Casadio, its CFO (chief financial officer). Initially, the application was designed to allow the sole exchange of cryptocurrencies, equipping itself with a clear and accessible interface for the most novice of traders.
Gradually, Bit2Me has enriched its features to offer different services related to cryptos: deposit wallet, cryptocurrency payment gateway or even a service to learn the basics of the cryptosphere.
Bit2Me has thus become the most popular exchange in Spain and with over 300,000 users located all over the world. Moreover, thanks to the continuous development of new features, Bit2Me is also the most complete application on the market, available in Spanish. And it doesn’t intend to stop there!
Indeed, at the beginning of the year, the company announced the release of its utility token, the B2M, based on the Ethereum network. The issuance of this token is to be accompanied by the development of new features, such as “Bit2Me Loan” which allows cryptocurrencies to be used as collateral for a loan. The idea behind the creation of the B2M token is to promote the services offered by the exchange. Thus, holders of the B2M token will be able to benefit from discounts when using the application: for example, on the amount of exchange fees. Finally, B2M tokens also act as governance tokens, as they will allow to participate in the making of certain decisions.
A successful first phase of ICO
Last August, Bit2Me had already completed a “warm-up round” by organizing a private issue of B2M tokens for €2.5 million. In a second step, the ICO was planned in 3 phases.
For the first phase, 500 million B2M tokens were issued and it was a huge success. That’s right! In exactly 59 seconds, all 500 million B2M were distributed for a total amount of 5 million euros. Investors from more than 80 countries were able to buy B2M tokens.
The buzz was so great that a reservation system has been set up for the rest of the ICO. As a result, interested investors will be able to join a queue to fill out a purchase form directly on the exchange’s website. The second phase is expected to be deployed on September 13, 2021, with the issuance of 500 million additional tokens. The final phase, meanwhile, is expected to take place on September 21. In total, Bit2Me hopes to issue 1.25 billion B2M tokens.
Although Bit2Me’s ICO is far behind Avalanche’s (AVAX) ICO, which raised $42 million in 4.5 hours, it is still notable. For the time being, this first phase is in pole position among the ICOs carried out so far in Spain.