Crypto Exchange BitPanda Acquires Digital Wallet Provider Trustology

Crypto Exchange BitPanda Acquires Digital Wallet Provider Trustology

With the acquisition of Trustology, BitPanda will be launching its joint platform for crypto custodian services and digital asset safekeeping.

After securing several funding rounds, raising $450M, and reaching a total value of over $4B, the crypto exchange platform BitPanda seeks to venture into crypto custody services. In other words, the platform will offer its customers online safekeeping of their funds with advanced security measures from Trustology.

The Austrian-based fintech company BitPanda will have its own fund security solution, and will permanently rebrand to BitPanda Custody. According to the official blog post by BitPanda, professional and casual investors will be given easy access to faster and safer digital asset markets.

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The platform expects to become one of the biggest crypto custodians in the world via its secure wallet. In fact, the acquired digital wallet provider Trustology has an FCA approval, which has only been given out to a few crypto exchanges. This provides BitPanda with an advantage for potential plans to expand in the United Kingdom.

According to the official press release by Trustology, the BitPanda Custody platform will offer services "in the United Kingdom alongside Bitpanda’s existing licenses in the European Union, while significantly expanding the range of services provided to customers and partners."

BitPanda Pro CEO Joshua Barraclough spoke on the acquisition, briefly mentioning upcoming upgrades of the Pro platform, stating: 

"Now we are looking to massively increase our footprint and bring lots more clients to our venues. Importantly we are moving away from an asset under custody pricing model and are not penalising our clients' growth."

BitPanda launched in 2014, and became the first tech unicorn in Austria, offering casual and professional customers investment options ranging from ETFs to stocks. The platform is accessed through its mobile app and is widely used for investments into Bitcoin and Ethereum.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree