Some time ago, Bit2Me rejected the blank check that Coinbase put on the table. The giant of exchange he wanted to take over the Spanish company to grow in a market in which he had not yet finished having the figures he wanted. Is now Bit2Me itself, the one that launches into acquisitions. In this case, in its target market: Latin America. The exchange Valenciano has just announced the acquisition of Fluyez, its Peruvian counterpart.
It is the first purchase that Bit2Me closes, although it is not a surprise either. It was something the company been announcing for a long time. They pointed out that negotiations were underway. It was a way to catalyze the financing round that they closed in January of this year with Huobi and a few months earlier with Inveready. 10 million euros and 1 million euros of cash, respectively, precisely for jump into the acquisition segment.
Company sources point out that Fluyez is the first of a total of two or three acquisitions that they plan to announce this 2022. Both in Spain and in Latin America, the objective is to close purchases through two channels. whether in cash, in exchange for Bit2Me shares, or a hybrid between the two. In the case of Fluyez, the company has acquired 85% of the capital of the exchange Peruvian through a cash payment. How much has Bit2Me paid for the Peruvian firm? The valuation of the operation, which has not been made public for security reasons, would be around one million euros, according to industry sources.
Bit2Me: for objective purchases
It is a good time to launch into the shopping market, in any case. With a crypto market going through a convulsive moment with the fall in currency values and the volatility of the business -which is related to the crisis of inflation, energy and geopolitics of the rest of the sectors-, the crypto world is experiencing its own and early readjustment. The crypto winter, specifically. One that is already beginning to claim its first victims. On the one hand, Coinbase and OpenSea have already pulled out the scissors to cut jobs and expenses. 2gether announced a few days ago that it was leaving Spain. A problem that has ended up splashing its users, right now with their wallets blocked. With a possible agreement with Bit2Me to take charge of them, the deal ended on deaf ears by internal disputes of the firm in crisis.
It is not something that seems to worry the Bit2Me environment, which indicates that it was something that was seen coming and that it was necessary in a sector with too many conflicting interests. It is also an advantage. To a sector that scores down, acquisitions are, right now, and cheaper resource for some and more necessary for others.
In the case of Fluyez, which changes owners but maintains its operations autonomously, it has the honor of being the first exchange that operates in the Peruvian market. Also with a presence in Mexico, it is a very interesting operation for Bit2Me. The Spanish brand, which has an office in Brazil, has been trying to get his head into the local market in Mexico for some time. The agreement with Axie Infinity, with a large presence in the region, to be one of its suppliers exchange It was one of the first strategies announced by the brand in the area.
In fact, it is possible that the next acquisitions will be focused precisely on growing in the area; also in Brazil, where they point out that the market is growing –beyond the interest in the area, also due to the volume of the population–. Y, what happens with El Salvador? The country that made Bitcoin one of its official currencies could be interesting for the firm exchange Spanish. The reality is that Bit2Me needs a much more stable and established market to grow its brand. Bad news for El Salvador and quite possibly Argentina.