Tether acquired a minority stake in Bit2Me to expand its presence in Latin America and the EU
Tether is expanding its presence in Latin America and the European Union. On Thursday, August 7, Tether acquired a minority stake in Bit2Me, one of the largest crypto platforms focused on Spanish speakers. As part of the deal, Tether is leading a €30 million funding round in the firm.
The investment comes after Bit2Me acquired Spain’s Crypto-Asset Service Provider license. This enables the exchange to comply with the European Union’s MiCA regulation, giving it authorization to operate in all 27 EU member states.
Bit2Me co-founder and COO Andrei Manuel explained that the funds raised will be used to expand the company’s presence in the EU and Latin America. In particular, the focus will be on Argentina, which has long been struggling with macroeconomic instability.
Tether threatened by EU, U.S. regulations
This investment comes despite Tether’s ongoing regulatory issues in the European Union. Notably, MiCA regulations demand strict disclosures for stablecoin issuers. However, this was something Tether was unwilling to provide, effectively blocking it from the EU market.
Tether may soon face similar challeenges in the United States, which recently passed the GENIUS Act. The new law imposes strict transparency requirements for issuers, which may pose a problem for the traditionally secretive Tether.