Bitpanda, a crypto exchange platform located in Vienna, has completed its first purchase in the form of Trustology, a crypto custodian and wallet service provider based in the United Kingdom, for an unknown sum.
Bitpanda will rename the recently acquired fintech startup Bitpanda Custody. In order to launch its native crypto custody services for institutional investors. The company intends to start its recently announced crypto custody services by entrusting all of its assets to the firm’s retail and institutional operations. By doing so, the company claims it will become the world’s largest cryptocurrency custodian.
After a succession of fundraising rounds throughout 2021, the crypto platform makes its first-ever acquisition. The crypto exchange platform raised a total of $450 million in different fundraising rounds. Giving it a valuation of $4.1 billion. Now, like many other major crypto platforms, the company is looking to expand its services and establish a crypto brokerage ecosystem.
While the purchase’s formal financial terms were not made public, a corporate spokeswoman indicated that it was an eight-figure deal.
The introduction of Bitpanda Pro
Bitpanda’s recent acquisition of a firm licenced by the Financial Conduct Authority in the United Kingdom would enable it to provide digital asset custody services throughout the United Kingdom. As well as expand its variety of services for existing customers. The exchange platform claims that this is the first step toward the introduction of Bitpanda Pro. The exchange’s premium brokerage services platform and an over-the-counter trading desk, which is slated to launch soon.
Bitpanda founder and CEO Eric Demuth remarked, “Through Trustology’s technology, we will be able to offer custody solutions to all of our customers – whether retail or institutional. He continued:
“This acquisition will aid our growth, expansion. As well as the eventual objective of creating the preeminent investment platform for everyone in Europe and beyond. We’ll keep finding ways to connect all of our services and products.”
Bitpanda began developing Bitpanda Pro shortly after raising $263 million in funding in August of last year. When it hired a former JPMorgan executive to manage its fully-regulated crypto exchange. Throughout 2022, the firm intends to continue expanding its brokerage offerings.