2 years ago
Bitpanda, a cryptocurrency speech based successful Vienna, has acquired U.K.-based integer plus custodian Trustology. The fiscal presumption were undisclosed, but a root adjacent to the woody said the dollar magnitude was successful the 8 figures.
Trustology, which won afloat registration from the U.K. Financial Conduct Authority (FCA) successful October, specializes successful decentralized finance (DeFi) and volition beryllium rebranded to “Bitpanda Custody.”
Custody refers to the holding and safekeeping of integer assets, and the firms specializing successful those technologies person been a people successful crypto mergers and acquisitions. PayPal bought Curv past March and Galaxy Digital bought BitGo past May. Meanwhile, standalone custody firms similar Fireblocks are reaching sky-high valuations.
Bitpanda became Austria’s archetypal tech unicorn aft it closed a Series B backing circular astatine $170 cardinal past March, followed by a $263 cardinal Series C circular successful August astatine a $4.1 cardinal valuation. Trustology is the firm’s archetypal acquisition.
Bitpanda Custody volition instrumentality custody of Bitpanda’s assets crossed its retail, organization and "white-labeling" businesses, Bitpanda said successful a property release.
“Bitpanda Custody is portion of our strategy to connection a afloat broad acceptable of services to our lawsuit basal and we tin present harvester an FCA-registered, institutional-grade custody solution with a starring commercialized execution venue,” Joshua Barraclough, CEO of Bitpanda Pro, said successful the release.
The crypto speech recently announced plans to ramp up the fig of integer assets made disposable to its astir 3 cardinal users. Since being founded successful 2014, Bitpanda has expanded beyond crypto to connection trading successful stocks, precious metals and exchange-traded funds (ETF) done a mobile app.
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Tanzeel Akhtar is simply a CoinDesk quality newsman based successful London,UK.
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