Bit2Me Is Reportedly Planning To Add 250 Staff, Says Now’s the Time To Build

Vignesh Karunanidhi
Bit2Me Is Reportedly Planning To Add 250 Staff, Says Now’s the Time To Build
Source: CoinCodex

Bit2Me, a Spanish crypto exchange, is expanding amidst the bear market by hiring 250 employees, almost doubling its headcount. The expansion plans are not immediate and will be spread across the next 12 months. Leif Ferreira, CEO of Bit2Me, spoke to CoinDesk about the firm’s decision to expand.

The reports come amidst the prolonged bear market where companies are laying off employees in masses. The harsh market conditions are proving to be extremely difficult for several crypto firms. Many investors are facing losses, whereas several crypto firms have halted their activities. Bit2Me joins the league of Binance and FTX to reveal itself as a robust platform, considering expanding despite the difficult market conditions.

Bit2Me is also planning three acquisitions

Bit2Me has signed memorandums for the acquisition of three firms. The acquisition plans include the purchase of a 90% stake in a Latin American exchange, a takeover of a fintech firm, and a software development firm. These firms are based in Spain, and more details regarding the acquisition will be provided by Bit2Me during the latter part of the year.

Ferreira stated that no matter how much the price of crypto falls, nobody can stop crypto. He also stated that amidst the spree of layoffs, now is the time to hold on and build.

Ferreira stated that the acquisition funds will be sourced from the $20.3 million cash raised from an initial coin offering in 2021. 70% of Bit2Me users come from Spain. It also operates 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 like Bit2Me, Binance, and FTX indicate the strategic functioning of firms and proper financial structuring that allows the businesses to expand even during harsh market conditions.