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Bit2me to rescue 2gether customers after account block

Bit2me
TL;DR Breakdown
  • Bit2me is likely taking over clients from the 2gether platform after having an agreement.
  • 2gether limits users’ access as it could no longer sustain free accounts.
  • The market scenario has made several crypto trading platforms go down the drain.

Following the restriction of access to the 2gether trading platform, Bit2me is trying to ingratiate itself with the 2gether users. This will likely boost the Spanish crypto exchange customer base.

Bit2me has agreed to pay the €20 fee imposed by 2gether on its consumers for them to continue trading on their platform. Thus, it will allow the clients to continue trading on the Bit2me platform, and 2gether will transfer their assets to that location.

Last week, Bit2me, a crypto exchange based in Spain, made public its desire to accept new customers. The targeted clients had accounts previously frozen by 2gether. 2gether is another cryptocurrency exchange based in Spain. The firm unveiled a plan to enable clients to transfer their funds and accounts to the company’s platform to continue trading.

According to a blog post, Bit2me will compensate users €20 ($20.00.) This is the cost that 2gether informed them they needed to pay to continue using its platform to conduct their business. The goal would be to maintain the engagement of these people within the cryptocurrency ecosystem. The statement was made by Leif Ferreira, the co-founder, and CEO of Bit2me.

Training, expanding one’s knowledge base, and developing innovative solutions will be essential. These are the fundamentals to open up this industry to the rest of society. At Bit2Me, we are dedicated to standing by our convictions in all that we do.

In our view, the world of cryptos and the technology behind blockchains are and will continue to be fundamental to our present and future. Because of this, we want to be next to 2gether users who wish to maintain their connections to the cryptocurrency ecosystem.

2gether limits users’ access 

Earlier this month, 2gether alerted its consumers about the issues it had been experiencing. This came after the exchange had limited user access and eliminated its presence on social media, which impacted 100,000 clients.

The business broke the news to its clientele that it would no longer be able to sustain free accounts. The inability to hold is a direct result of the current downturn in the market.

In addition, at around the same time, the corporation demanded a one-time payment of twenty euros from each of its customers. This would allow them to continue making use of the platform’s services. Clients whose account balances were less than that threshold would have their monies moved out of their accounts.

2gether indicated that the market scenario had an impact on their business. However, Bit2me has continued to operate regularly and expanded its business to Latin America.

Bit2me announced that it would open a new office in Brazil in May. They intended to address the market of more than 20 million clients who hold cryptos in the country.

Compliance and security are the two primary goals of the new office. In a similar line, the firm was the first to gain authorization from the Central Bank of Spain to operate as a regulated virtual asset service provider (VASP) back in February.

Crypto market shifts and effects

Several trading platforms were affected by the crypto meltdown. Even the biggest trading platform felt the heat. For instance, Coinbase had to freeze the employment of workers as it took a bite from the crumble.

Gemini disclosed that it would be eliminating jobs for approximately one hundred employees. These represented a layoff rate of 10 percent.

Besides, the leading exchange in Latin America, Bitso, let go of 80 people. Also, Argentina’s Beunbit laid off half its staff, and the Middle Eastern exchange Rain also laid off “dozens” of employees.

The shift affected the trading platforms and investors, with some entities filing for bankruptcy. Although some investors believe the crypto trade will rise, most people are cautious with the investment.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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