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- 2GT, 2gether’s own token, is the company’s first tokenization effort
- The Spanish exchange was hacked in 2020 and is still dealing with client dissatisfaction
- Token Makers is a new development platform from 2gether that specializes in tokenizing ideas or projects.
The 2GT, 2gether’s own token, is the company’s first tokenization project. In 2020, the Spanish exchange was hacked, and a few of its customers are still voicing their dissatisfaction. 2gether, a cryptocurrency exchange based in Spain, has launched a new growth platform called Token Makers, which is focused on “tokenizing concepts or initiatives.” The company hopes to add the creation of tokens for people, organizations, and businesses, as well as the sale of cryptocurrencies similar to bitcoin, to its portfolio of businesses with this venture.
2gether’s latest cryptocurrency developments
2gether introduced its native token, 2GT, as part of the launch of its new platform. This is their first tokenization project. According to a statement sent to CriptoNoticias, 2GT’s platform has more than 100,000 users in 22 countries and processes more than 60 million euros in transactions per month. In addition, the Spanish firm is working on a second tokenization project called Foodcoin, which will debut in the coming weeks on Calle Ponzano in Madrid’s city center. This Token Makers project focuses on the hospitality industry, allowing each hotelier to create their own token with which they can reward their customers via the 2gether app.
2gether’s Token Makers section explains the history and purpose of tokens for humanity. According to the company, it is currently working on five more tokenized economy projects with five different promoters. Although no specific date has been set, it is expected to hit the market within the next few months.
2gether’s mission, according to Ramón Ferraz, has always been to create a platform that allows us to transform the economy by changing the way we exchange value. It is necessary to create simple and secure ways to interact with blockchain technology and tokenization in order to make it a reality throughout society. Ramón Ferraz, CEO of 2gether, believes that a new industry with accessible services is possible through more intelligent, efficient, and collaborative forms of value exchange between people and organizations.
Facilities provided by the Tokens
Tokens are a way of representing things in the real world and assigning value to them. This allows tokens to be used to create value exchange relationships, making it easier for users to be rewarded for their actions and participation. Tokenization allows for the creation of new value exchange relationships, which can be used to incentivize actions.
Client ideas for new token creation are received through a form on their official page. The Spanish firm has not stated whether or not its customers will be able to control the supply of their tokens, as well as the cost of fees and other standard features.
2gether hacking has an impact on customer relationships
It’s worth recalling that in August 2020, that 2gether had been hacked, exposing their clients’ private data and losing more than a million euros in cryptocurrency. Following the security breach, users banded together to file a class-action lawsuit. In January 2021, the Spanish company promised to return 91 percent of the stolen cryptocurrencies to users. Due to the fact that it is not a universal measure for all users, combined with the security flaw, this resulted in several customer disagreements.
The hackers are said to have taken €1.183 million in cryptocurrency from investment accounts, accounting for 26.79 percent of the company’s total funds. Users of the trading platform have been offered an alternative payment method: compensation in the native 2GT token for the value of their stolen cryptocurrency.
Furthermore, 2gether has not revealed how the security breach occurred or when it expects to reimburse its users. However, in a Saturday Twitter post, the company stated that users will be kept informed of any further developments on social media.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
