BitPanda to provide crypto custody with the acquisition of FCA-approved Trustology

Published at: Feb. 22, 2022

BitPanda, a Viena-based crypto exchange platform has made its maiden acquisition in the form of United Kingdom-based Trustology, a crypto custodian and wallet service provider for an undisclosed amount.

BitPanda will rebrand the newly acquired fintech firm to BitPanda custody in a bid to start its native crypto custody services focused on institutional investors. The firm plans to begin its newly announced crypto custody services by taking custody of all its assets across its retail and institutional businesses. The firm claimed it would become the largest crypto custodian by doing so.

The crypto platform’s first-ever acquisition comes after a series of fundraising throughout 2021. The crypto exchange platform raised a total of $450 million in multiple funding rounds, giving it a valuation of $4.1 billion, and now the platform looks to expand its services and build a crypto brokerage ecosystem like many other leading crypto platforms.

While the official financial details of the deal weren’t made public, a spokesperson for the company told Cointelegraph that the deal was in eight figures.

Related: BitPanda CEO Eric Demuth Says Bitcoin Is Gold 2.0 for Millenials

The latest acquisition of an FCA-approved firm would help Bitpanda offer digital asset custody services across the U.K. and also help it expand its range of services for the existing customers. The exchange platform claimed its maiden acquisition is the first step towards the launch of Bitpanda pro, its prime brokerage services platform, and an over-the-counter trading desk expected to be launched in the near future.

BitPanda started its work towards Bitpanda Pro right after its last funding round of $263 million in August last year when it on-boarded former JP Morgan exec to lead its fully-regulated crypto exchange. The firm plans to continue building for its brokerage services throughout 2022.

Tags
Business
Funding
Europe
Uk Government
Bitpanda
Related Posts
European crypto company Bitpanda raises $170M
Austria-based cryptocurrency firm Bitpanda has closed a $170 million funding round to further the firm's international growth. The latest Series B funding round was led by Valar Ventures — a venture capital firm backed by PayPal co-founder Peter Thiel — Bitpanda announced on Tuesday, and featured partners from Yuri Milner’s investment firm DST Global, which is known as a major investor in United States-based crypto-friendly stock trading app Robinhood. While DST is a new investor in Bitpanda, Valar previously led a $52 million Series A round in September 2020. According to Bitpanda, the new funding round has made the firm …
Bitcoin / March 16, 2021
Algorand’s new accelerator program in Europe to invest up to $500K
The Algorand Foundation, the governance and research organization behind major blockchain platform Algorand, is launching a new accelerator program in Europe. Known as “Algorand Europe Accelerator,” the new program intends to support European developers and entrepreneurs looking to build applications on the Algorand platform. Announcing the news on Oct. 15, the Algorand Foundation told Cointelegraph that the new program will launch in collaboration with established Algorand’s investors, Eterna Capital and Borderless Capital. As part of the program, Borderless Capital will distribute $15,000 in upfront seed funding to ten selected projects. Successful initiatives will be eligible for up to $500,000 in …
Blockchain / Oct. 15, 2020
The New Land of Crypto Fundraising Is in Asia and Europe, Says PwC
Most of the fundraising in the cryptocurrency space shifted from the Americas to Europe, the Middle East, and Africa (EMEA), and the Asia Pacific regions (APAC), according to a recent report by Big Four auditing firm PwC. According to PwC's 2nd Global Crypto M&A and Fundraising Report, during 2019, fundraising efforts in the crypto space obtained 18% less funding, while funds in mergers and acquisitions (M&As) in the space decreased by 40%. As funding decreased overall, APAC and EMEA's share of the pie got larger. While APAC and EMEA saw 44% of combined fundraising and M&A deal value in 2018, …
Blockchain / April 6, 2020
Bitpanda taps former JP Morgan exec to lead fully-regulated crypto exchange
The crypto ecosystem picked yet another executive from traditional finance. Two months after raising $263 million, the Europe-based cryptocurrency trading platform Bitpanda announced that Joshua Barraclough, a former exec at JP Morgan, joined its ranks as the CEO of its fully-regulated digital asset exchange Bitpanda Pro. Before transitioning into the crypto world, Barraclough worked as the global head of the fintech team and then as the co-head of digital innovation at JP Morgan. Answering Cointelegraph’s questions about the transition, Barraclough said that leaving JP Morgan to join Bitpanda was an easy decision. “I have always been at the bleeding edge …
Bitcoin / Oct. 28, 2021
French fintech startup Lydia raises $100 million in series C funding round
French crypto-friendly fintech startup Lydia has raised $100 million in a series C funding round, as per a report in TechCrunch. The latest capital raise reportedly helped Lydia attain unicorn status with a valuation of over $1 billion. The $100 million fundraise comes nearly a year after its series B funding round of $86 million in December 2020. The round was led by existing investors Tencent and Accel and also saw participation from Dragoneer and Echo Street. The fintech startup aims to use the fresh capital to expand its footprint in Europe. The firm hopes to onboard 10 million European …
Adoption / Dec. 8, 2021