Bitpanda, the Austrian fintech unicorn, has made its first acquisition with Trustology, a London-based crypto custodial wallet provider. According to the terms of the agreement, the latter will be renamed Bitpanda Custody and will initially be entrusted with Bitpanda’s assets across its retail, institutional, and white-labeling businesses.
The latest step, according to Bitpanda, will help it become one of the leading digital asset custody providers on a global scale, as well as enable it to transition into a full-fledged prime brokerage operation. The trading platform claims it will leverage the collaboration to extend its range of services and will now be able to provide custodian services in the UK and EU as a result of the acquisition.
“We can now provide retail customers with world-class institutional-grade custody security,” said Eric Demuth, co-founder, and CEO of Bitpanda. Innovative custody solutions will help institutional clients not just overcome the issues they face now, but also thrive in the future.”
Bitpanda Pro, a platform for professionals and businesses, wants to combine an FCA-registered, institutional-grade custody solution with a top transaction execution venue, according to Joshua Barraclough, CEO.
Bitpanda intends to broaden its reach
Bitpanda Pro has also stated that it will commit to a “disruptive pricing model” aimed at lowering the cost of custody for users who actively trade on the platform to zero.
“Right now, we’re trying to substantially expand our presence and bring a lot more clientele to our venues,” Barraclough said. “Most importantly, we are abandoning the asset under custody price model and are not penalizing our clients’ development.”
Bitpanda, which began as a crypto trading startup in 2014, has expanded to over 700 staff in ten offices and over three million users. Using the site, investors may acquire commission-free equities, cryptocurrencies, and precious metals for as little as €1.
On Tuesday afternoon, the UK’s top regulator, the Financial Conduct Authority [FCA], issued a warning about crypto mergers in the wake of the acquisition news. The regulator cautioned that it “may take actions to suspend or cancel the registration of a crypto asset business if it is not satisfied that the firm or its beneficial owner is fit and proper,” according to a statement.
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