Spanish Bank Unicaja Invests in Crypto Exchange Bit2Me
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Loading... - Akila Salah
- 31 Jul 2024
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Unicaja Bank, one of Spain’s top five banks, announced that its venture arm has invested in the cryptocurrency exchange Bit2Me. With over a million customers, Bit2Me was the first exchange to receive registration from the Bank of Spain as a cryptocurrency service provider.
While the specific terms of the deal were not disclosed, it is known that Unicaja has acquired a stake of more than 5% in Bit2Me and secured a position on the exchange’s board. The partnership also includes a commercial collaboration agreement.
Unicaja is keen to leverage this investment to explore three key emerging areas:
1. EU’s MiCA Regulations: Understanding and capitalizing on new opportunities created by the Markets in Crypto-Assets (MiCA) regulations.
2. Tokenization of Assets under DLT Pilot Regime: Utilizing Distributed Ledger Technology (DLT) for asset tokenization and broader blockchain applications.
3. Digital Euro: Preparing for and integrating potential developments around the digital euro.
Isidro Rubiales, CEO of Unicaja, expressed confidence that the deal will enable the bank to "anticipate the future and incorporate solutions that enhance our services and facilitate our adaptation to the changes demanded by customers."
In return, Bit2Me plans to offer Unicaja's banking services to its customers, creating a mutually beneficial relationship.
While many banks have cryptocurrency initiatives and related investments, it is relatively rare for them to invest directly in crypto exchanges. A notable precedent occurred in 2021 when Siam Commercial Bank’s holding company, SCBX, attempted to buy a 51% stake in Thailand’s largest crypto exchange BitKub for $537 million. However, the deal was eventually dropped when the securities regulator required BitKub to make several changes.
Another example includes Standard Chartered’s SC Ventures, which created a joint venture called Zodia Markets. In this venture, Hong Kong crypto exchange OSL’s parent company is a minority shareholder, allowing Zodia to benefit from OSL’s knowledge and technology.
Unicaja Bank’s investment in Bit2Me marks a significant step in the evolving relationship between traditional financial institutions and the cryptocurrency sector. By aligning with a forward-thinking partner like Bit2Me, Unicaja is positioning itself at the forefront of technological innovation and regulatory adaptation in the financial industry. This partnership is poised to enhance the bank’s service offerings and provide Bit2Me’s customers with access to robust banking services, setting a precedent for future collaborations in the crypto space.
