Bit2Me, a Spanish crypto exchange, is expanding amid the bear market by hiring 250 employees, nearly doubling its workforce. The expansion plans are not immediate and will be spread over the next 12 months. Leif Ferreira, CEO of Bit2Me, spoke to CoinDesk about the company’s decision to expand.
The reports come amid the protracted bear market where companies are laying off their employees en masse. The harsh market conditions are proving to be extremely difficult for several crypto companies. Many investors are facing losses while several crypto companies have ceased operations. Bit2Me joins the competition from Binance and FTX to reveal itself as a robust platform despite the difficult market conditions to expand.
Bit2Me also plans three acquisitions
Bit2Me has signed memoranda to acquire three companies. The acquisition plans include the purchase of a 90% stake in a Latin American stock exchange, an acquisition of a fintech company and a software development company. These companies are based in Spain and more details about the acquisition will be provided by Bit2Me in the second half of the year.
Ferreira stated that no matter how much the price of crypto falls, no one can stop crypto. He also stated that in the midst of the deluge of layoffs, now is the time to hold on and build up.
Ferreira stated that the acquisition funds will come from the $20.3 million cash raised from an initial coin offering in 2021. 70% of Bit2Me users are from Spain. It is also active in Italy, France, Portugal, Peru and Brazil. The exchange also plans to deploy more features, including a lending service, a Mastercard debit card, and a futures trading platform.
Examples such as Bit2Me, Binance and FTX indicate the strategic functioning of companies and good financial structuring that allows the companies to expand even in difficult market conditions.