Bit2Me has been within the blockchain trade for a number of years and as a FinTech firm, it has reaped nice achievements.
The yr 2021 has been nice for the corporate specializing in monetary know-how.
This may be attributed to publicity to the general public by means of daring advertising and marketing campaigns, increasing to different areas comparable to Latin America in addition to launching an infinity of services and products for the crypto sector.
The final word purpose is to turn out to be a whole service for each firms and people.
Persistent efforts have culminated within the profitable launch of its native B2M token, which has obtained excessive demand, promoting its full capitalization in just a few seconds.
What does the long run maintain for Bit2Me?
Bit2Me was based in 2014 and since then has persistently adopted a stable path with out wanting again. The Spanish firm will bear in mind 2021 as presumably the important thing yr the place it set sail on the excessive seas, taking a agency step ahead, maturing as an organization with a glimpse of a promising future.
On September 30, 2021 the opening technique of its native B2M token has culminated.
BeInCrypto spoke with co-founder and CEO of Bit2Me, Leif Ferreira, about its present standing and the long run plans of the corporate.
The profitable sale of the B2M token
Bit2Me launched its B2M token in September 2021, closing a fundraising course of reaching 20 million euros from its Initial Coin Offering (ICO) in document time.
The demand within the three open rounds of financing was extraordinary and extraordinary in Spain.
Daniel Ramirez-Escudero/ BeInCrypto: I suppose you’ll be excited concerning the success of the gross sales, the primary spherical took 59 seconds to shut the sale, the second in 47 seconds, and the final in 38 seconds. Did you count on such success?
Leif Ferreira: Nothing, by no means and fewer at these speeds. Till the final second, you have no idea how the gross sales are going to go, all of the sudden there’s a fall within the cryptocurrency market, because it occurred, and a few assume that it will not be the time to put money into an ICO, and the whole lot adjustments radically. Despite the fact that it took only a few seconds to make gross sales in every spherical.
After the success, I introduced the workforce collectively and advised the workforce how shocked I used to be and the way proud I used to be of them for having labored onerous to get right here. The humorous factor is that the B2M token has not solely served to finance, however to make ourselves identified, we’ve grown in lots of areas.
BIC: Bit2Me’s B2M token was first offered in a non-public sale after which opened to the general public by means of an ICO. Why did you determine on this format?
Leif Ferreira: We wished to do it from Spain to turn out to be pioneers once more, by being the primary to launch one thing like this. It’s true that different Spanish tasks have launched ICO’s earlier than, however from different elements of the planet, no one had completed it from Spain.
We’ve been making ready this ICO for greater than three years. We needed to check to see if there are individuals who need to get entangled in a mission in Spain, after the non-public sale we considered opening this funding to people and we have been very profitable.
The non-public sale already lined the financing of the product, calculating that the MVP can be 2.5 million euros, after the ICO we reached 20 million euros. We thought that we’d not get wherever close to that help, we put a restrict to help the B2M tokenomics.
We might have given the impression that elevating this sum of cash is straightforward, however we’ve been giving interviews for seven years, engaged on the mission, and making a model. We’ve lastly been rewarded.
Daniel Ramirez-Escudero: You’ve got been in a position to gather 20 million euros in virtually 2 and a half minutes, given such success, do you assume there would have been room for more cash assortment?
Leif Ferreira: The customers themselves have come to touch upon Telegram if a brand new section might be opened since some have been not noted and thus the funds are expanded.
Nevertheless, with the funds we at present have, we’ve greater than sufficient. We may gain advantage the neighborhood in addition to the corporate with one other enlargement, however we’d be loading the tokenomics of the issued tokens and we might additionally see our distribution commitments altered.
Whoever desires to purchase tokens has it simple, they must wait till November 1, 2021.
Bit2Me has matured. What’s its future?
Bit2Me has obtained an annual development of 1,200%, reaching 1.7 million customers in its Bit2Me Academy amongst different nice achievements.
As has occurred in different comparable tasks, the expansion momentum is initially very intense after which enters a consolidation zone the place the corporate enters a brand new section the place it should present info and never simply guarantees, nonetheless, Bit2Me should still have more room to develop in keeping with Ferreira.
BIC: Do you assume you’ve got reached such a degree or are there nonetheless such outstanding growths to return?
Leif Ferreira: I imagine that your complete trade is in full development, comparable gamers like Binance or Coinbase proceed to develop yr after yr.
It provides me the sensation that the sector will proceed to develop within the subsequent decade, it appears very clear to me that everybody goes to make use of bitcoin (BTC) instantly or not directly. Instruments can be wanted to have the ability to use these providers, new actors will seem and lots of conventional firms will see on this the ecosystem during which they must be sure or sure.
The final word purpose is for BTC to place itself as a foreign money of mass use.
We’ll proceed to develop with the trade if we do issues as we’ve been doing earlier than. Bit2Me has at all times grown organically, highlighting that within the final yr the seeds that we’ve planted for years have begun to bear fruit.
BIC: When that second of maturity and consolidation of development arrives, what are your targets and the place will Bit2Me’s consideration shift?
Leif Ferreira: It’s true that we provide a whole suite however we’re targeted on the general public that wishes to be taught and work together with cryptocurrencies. Due to this fact, we’ve a workforce devoted to studying with our Bit2Me Academy product.
Different targets can be to launch staking or lending with us because the Mastercard crypto debit card which can be certainly one of our priorities. We need to shut the circle in order that we are able to provide a whole service as a crypto financial institution.
Thus we are able to serve the holder who desires to safeguard their BTC since it’s a protected haven worth in order that their financial savings aren’t eaten by the federal government comparable to devaluation and hidden taxes by means of inflation.
Others assume that it’s time to use cryptocurrencies on a day-to-day foundation, for instance, Bit2Me supplies providers to Coolmod to course of funds with cryptocurrencies.
I used to be amazed since you might be receiving many purchases with BTC, I made a guess during which I’d invite them to a paella in the event that they exceed 30,000 euros in BTC, this restrict was exceeded in a short time.
It’s a part of the philosophy that BTC is used to make every day funds or as worldwide remittances. Due to this fact, we should provide providers for individuals who need to maintain long-term with our staking or different merchandise such because the wallet or the crypto debit card for every day spending.
For this, Bit2Me has deliberate to rent 140 individuals within the subsequent 12 months, the place a part of our funds can be allotted.
BIC: You’ve got talked about that you just need to be a crypto financial institution, in your whitepaper you spotlight that this is likely one of the future targets of Bit2Me, why will Bit2Me search to shut its personal banking license and its repercussions?
Leif Ferreira: For now, within the crypto world it isn’t essential but, though it’s anticipated that within the following months this will likely change as a result of regulation exercise.
Within the fiat world, we’ve novice clients who want this bridge, we’ve to supply accounts with euros and for this, we’d like an digital cash license.
For now, we’ve partnered with a 3rd get together for this service. The issue is that you’re relegating an organization that may ask you a collection of necessities and this slows down the method. We need to have the independence to have the ability to have a BTC tackle and the fiat world to shut the circle to be a crypto financial institution.
The evolution of the crypto market earlier than the activation of the regulation
The crypto sector is witnessing how regulation has began to intervene extra aggressively within the cryptocurrency market.
From the US, preventively prohibiting crypto merchandise earlier than their launch in China, prohibiting any exercise with any cryptocurrency, or blocking providers comparable to TradingView, CoinMarketCap, or CoinGecko.
In Europe, engines are beginning to heat up, and taking a look at the remainder of the world. European regulation might be activated.
BIC: Observing what is occurring in the US with the SEC and analyzing the newest case with Coinbase and its Lend product. Do you assume that the prohibition of a product that generates curiosity might occur in Spain or in Europe?
Leif Ferreira: Hypothetically it might occur, however we expect it’s such an fascinating product that you must have it. You must differentiate Coinbase from Bit2Me, Coinbase is listed on the inventory market and subsequently has different guidelines to comply with, and Europe doesn’t have a company just like the SEC in the US, it’s one other ecosystem.
We’ve discovered that the product has acquired a really excessive curiosity from the neighborhood. It’s a contract during which customers provide us their cryptocurrencies voluntarily in an effort to provide them some curiosity, we’ll proceed with it.
BIC: Bit2Me has been echoed among the many Spanish inhabitants due to a daring promoting marketing campaign in your half. Have you ever needed to undergo the Nationwide Securities Market Fee (CNMV)?
Leif Ferreira: The Spanish regulation took a regulation out of nowhere however it isn’t but in pressure, it’s anticipated that it is going to be put into operation by 2022. They need to be told so long as the marketing campaign can have a speculative facet.
For instance, our campaigns have used a humorous tone comparable to “Bitcoin, bienvenido a la república independiente de tu pasta”. We have been afraid to the touch a number of pillars, for instance, due to how this nation is, the message might have been confused with one thing political because of the subject of the republic. It has lastly been a hit.
The B2M token and exterior elements comparable to know-how and crypto market cycles
The B2M token has not but gone on the open market, however when it does, it might be affected by the circumstances of the cryptocurrency market in addition to its tokenomics and its development.
BIC: Have you learnt what investor profile are those that have purchased within the open rounds?
Leif Ferreira: A very retail profile, there are some 13,000 distinctive operations, there are solely 11,000, so 2,000 are repeat customers. Taking out the typical operation per operation, it reached virtually 2,000 euros.
It isn’t a really giant buy, within the final spherical the typical fell to 700 euros. In distinction, the earlier non-public spherical reached a mean funding of fifty,000 euros.
Which means funding has been capitalized, which I believe is one of the best factor for a token to get out of the best way of whales and democratize the token. Nonetheless, there are individuals who have purchased giant quantities, comparable to a person who purchased 300,000 euros in B2M.
BIC: B2M can be an ERC-20 token, will or not it’s on the mercy of Ethereum’s fuel ratios?
Leif Ferreira: Each time there’s an entry or exit operation by means of the Ethereum community, charges must be paid. All operations which are completed off-chain, that’s, purchases, gross sales, exchanges, making use of reductions, and voting. These won’t generate any expense for the person concerning Ethereum.
Relating to Ethereum 2.0, I’m optimistic that they are going to repair the scaling downside. Likewise, Bit2Me is completely free that when the time comes for any lack of management of Ethereum commissions that makes the operation unfeasible, we might at all times work with different platforms comparable to Cardano or others by altering the sensible contract of the platform.
BIC: In January, the lockup of personal gross sales will start to be launched and so forth from the opposite phases. What do you assume might occur?
Leif Ferreira: We’re not fearful concerning the lockup since we first know that traders who’ve interacted within the first rounds are typically current for the long run. Likewise, the lockup can be opened regularly.
BIC: Will the B2M token be affected by a Bitcoin/Ethereum bull or bear market?
Leif Ferreira: I believe it might be affected, the second that B2M reaches the open market can be on the mercy of tendencies. If we actually enter a bear market, individuals will panic and as there are blocks, for now, they are going to nonetheless not be capable of promote, cushioning the attainable fall.
In distinction, if there have been a B2M bull market, it could profit vastly as a result of there aren’t many tokens out there but, which is why there’s lots of demand and little provide, and with this, it is going to vastly profit.
When it’s 100% distributed out there I assume it is going to correlate with the opposite currencies. In the meantime, throughout this market opening course of, you’ll profit rather more from a bull market than you may lose from a bear market.
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