What happened?
Tether, the company behind the USDT stablecoin, has invested in Bit2Me by acquiring a minority stake and leading a €30 million funding round. This funding will support Bit2Me’s expansion efforts in Europe and Latin America. The partnership comes shortly after Bit2Me gained regulatory approval under the EU’s Markets in Crypto-Assets regulation.
Who does this affect?
This investment impacts Bit2Me’s current 1.2 million users and 7,000 businesses, as well as potential new users and businesses in Europe and Latin America. The collaboration will facilitate Bit2Me’s growth by providing it with resources to expand its infrastructure and services. The move is also significant for Tether, enhancing its regulatory compliance and market reach.
Why does this matter?
This partnership could influence the crypto market by strengthening cooperation between regulated exchanges and stablecoin issuers, potentially increasing confidence among investors and regulators. It may also accelerate innovation and adoption of crypto assets across Europe and Latin America. As Tether expands its investments, it signals a growing interest in enhancing transparency and combating misuse within the crypto space.