Last quarter Unicaja Bank, one of Spain’s five largest banks, announced that its VC arm had invested in cryptocurrency platform Bit2Me. The startup, which boasts more than a million customers, was the first to receive a registration from the Bank of Spain as a cryptocurrency service provider.
While the terms of the deal were not announced, the bank took a stake of more than 5% and joined the company’s board.
The acquisition comes as interest in crypto grows in Spain, and prices continue to rise. This is in part due to the presidential election in the US, with analysts and entrepreneurs sensing that a change in the White House could mark the beginning of a new era for digital currencies.
So far this year, more than two dozen deals have been finalized in the industry, although only one stands out for its magnitude: Robinhood’s acquisition of Bitstamp for $200 million in June. Bitstamp, a global player with more than 50 active licenses and registrations, reflects the kind of strategic assets that attract big names in the industry.
Meanwhile, Donald Trump’s victory has been welcomed as a “wind of change” in the industry, where a shift in the federal government’s stance towards greater openness to the crypto industry is expected. According to The New York Times, this change could also mean the departure of Gary Gensler, chairman of the SEC, known for his strict regulatory approach to the sector.
Trump himself has acknowledged being an investor in digital assets. He owned between $1 million and $5 million worth of ethereum (ETH-USD), the world’s second-largest cryptocurrency, according to a Federal Election Commission report.
Furthermore, he and his sons are also backers of World Liberty Financial, a cryptocurrency project they have been promoting on social media.
On the other hand, this week Bitcoin rose to more than $100,000 per coin after Trump announced that Paul Atkins, a cryptocurrency enthusiast, would be nominated to lead the Securities Exchange Commission (SEC). Some experts claim that these changes are due to people’s uncertainty about the future of the crypto industry.
Said Justin Grobbard, founder of Prop-Firms.com, “When people don’t know what political changes are about to happen, they move their money to the safety of the USD. What’s interesting is the rise of cryptocurrencies right now, as speculators believe that Trump and Musk will boost the popularity of virtual currencies.”
