BitPanda Will Provide Crypto Custody With FCA-Approved Trustology

BitPanda will provide crypto custody solutions with an FCA-approved trustology that will be the first step towards launching its prime brokerage service Bitpanda pro so let’s read more in today’s latest cryptocurrency news.

Bitpanda is a Viena-based exchange platform that made its maiden acquisition in the form of UK-based Trustology as a crypto custodian and wallet service provider for an undisclosed amount. BitPanda will provide crypto custody solutions and also rebrand the newly acquired company to BitPanda custody and will start its native crypto custody services focused on institutional investors. The company plans to start its newly announced custody services by taking custody of the assets on retail and institutional businesses. The company claimed it will become the largest crypto custodian by doing so.

The platform’s acquisition came after a series of fundraising in 2021. the crypto exchange raised $450 million in a few funding rounds and gave it a valuation of $4.1 billion and the platform looks to expand services and create a crypto brokerage ecosystem like many other leading platforms. While the official details of the deal were not public, a spokesperson for the company said that the deal was in the eight figures. The latest acquisition of the FCA-approved company would help Bitpanda offer digital asset custody services in the UK and will help it expand the range of services for the existing customers. The platform even claimed its acquisition is the first step towards launching the Bitpanda pro prime brokerage services platform and an OTC tradign desk expected to be launched in the near term.

BitPanda started its work towards BitPanda Pro after its last funding round of $263 million back in August when it onboarded former JPMorgan Exec to lead the regulated crypto exchange with plans to continue building the brokerage services in 2022 as well.

As recently reported, The crypto ecosystem picked another executive from the traditional finance space, and two months after raising $263 million, the Europe-based crypto trading platform Bitpanda announced that Joshua Barraclough, a former executive at JPMorgan will be the new CEO of the exchange Bitpanda Pro. Before transitioning into the crypto space, Barraclough worked as the head of the fintech team and then as the co-head of digital innovations at JPMorgan.