Last Monday, November 1st, the popular Spanish cryptocurrency exchange Bit2me launched the B2M token on its platform, And despite having had a resounding success in the three previous phases of its ICO, raising more than 20 million Euros, the platform had some inconveniences during the launch that earned it strong criticism and failures through social networks.
“After making the purchase, the token does not appear in the wallet, an hour without being able to access the account … I only see the bank charge”. One of the affected users pointed out via Twitter.
Nevertheless, it wouldn’t be long after what happened when the exchange posted a Press release where he explained the reasons for the problems raised and clarified that they were working with each of the cases to solve them.
Issues during launch
According to the information given through a press release, there were several problems experienced and each one with its various causes. Among the problems, they stand out that the full amounts of the purchased tokens did not appear, a saturation in the platform during the launch that caused latency in the execution of market orders and that users will buy at a price different from that of the confirmation. All this was also accompanied by a lack of coordination in the schedules with the exchange that provided liquidity, in this case Bittrex, who would have opened the token trade one hour before the scheduled date, this fact would explain it later Javier Pastor (Chief Sale Manager of Bit2me) in a live given via Youtube this Wednesday, where he pointed out that:
“… They (Bittrex) did comply with opening the platform at the time we had agreed, but it so happened that the time changed in the USA and in Spain this week but on different days …”
All these inconveniences would have also generated high volatility that, although it could have caused losses to some, from Bit2me they rated this as a very common event that occurs in the first few minutes of any highly anticipated listing. This volatility would generate a strong rise that led the price of the token to raise its highest price to USD 5 and then be worth less than USD 0.1 for the sales orders executed in the order book on the afternoon of the same day of launch, as as can be seen in the shared image.
Failures with the B2M wallet
Likewise, it was also pointed out that the Bit2me Wallet would have presented interruptions in its connection from the afternoon of November 1 to the first hour of Tuesday, This interruption would have temporarily made it impossible for some users to use this service. Later it was reported that the incidence “It had been caused by the high number of users who have connected simultaneously and have executed buy and sell orders at the same time.”
On the other hand, the exchange also informed its users that All purchases made with a card and that had not been reflected in the Token B2M wallets, will be credited to the Euro Wallet of each user as a protection measure to avoid that the purchase will be executed at a higher price due to the volatility of the moment.
A grateful community
Despite facing some criticism from users who were upset with the launch experience, many were also thanks and support shown to the exchange in the face of the situation.
We had the opportunity to speak with Nelson Aguilar from Argentina, one of the users affected by what happened, but who was grateful for how Bit2me acted quickly in solving your problem:
“At the beginning I was credited with fewer tokens than were listed when I confirmed the transaction, which was 5% of the tokens that should have been credited. The next day they solved it and credited me with the corresponding tokens. The truth is, I took it as a learning process at the beginning since next time I will be careful to put a cap on what I am willing to pay, and after they have solved the problem, I calm down and restore my trust in Bit2me. Although I have known them for two years looking for alternatives to transfer money from Argentina and I learned a lot with them about cryptocurrencies, I think that what happened to them was a product that is still a new company that is growing, and that this will be something that will help them of experience to correct mistakes. I trust Bit2me and I will continue to trust because they knew how to solve it and I believe that this should not tarnish their trajectory ”.
B2M recovers
As a result of everything that happened with the aforementioned problems, it is noteworthy that the B2M token has had a recovery of up to 208.81% since yesterday, which has led it to currently be located in the price zone above USD 0.12, I feel its highest point after the recovery of USD 0.15, which from its opening price to the market at USD 0.0399, represents an increase of 274% of its value.
As you can see in the capture, The token is already available for analysis on TradingView, and it is expected that in the coming days it will be listed on CoinMarketCap according to the words of its CEO, Leif Ferreira. This in turn also mentioned that they are in their plans to list B2M in other exchanges around the world, also letting it be seen that there is already an agreement with one of various Asian exchanges to list the token, but at the moment it will not be announced like the one date for the start of staking.
B2M is a utility token launched by the Spanish exchange Bit2me that serves to promote its development and solutions, while offering incentives to its investors to participate in said ecosystem. The recognition that Bit2me has within the Latin American crypto community is well known, so there is a high expectation with its token and the development of its project around it.
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