Bitpanda rules out London IPO over liquidity concerns: Report

Crypto speech Bitpanda turned distant from London’s nationalist markets, citing anemic liquidity connected the London Stock Exchange (LSE) arsenic a cardinal origin successful its decision.

Eric Demuth, co-founder of the Vienna-based crypto exchange, told the Financial Times that portion Bitpanda was actively evaluating a nationalist listing, “it volition not beryllium successful London.” Instead, the steadfast is weighing imaginable listings successful Frankfurt oregon New York, though nary timeline has been set.

“Currently, liquidity-wise, the LSE is not doing excessively well,” Demuth told the FT. “I anticipation that it gets better, but implicit the adjacent fewer years, I deliberation the LSE is struggling a bit.”

Demuth noted that respective companies, including British fintech Wise, person already shifted oregon are successful the process of moving their superior listings overseas to pull much investors.

Cointelegraph reached retired to Bitpanda for comment, but had not received a effect earlier publication.

Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns

London IPO marketplace hits 30-year low

The UK is facing 1 of its steepest IPO droughts successful decades. According to marketplace information cited by the FT, the magnitude raised from London listings successful the archetypal fractional of the twelvemonth dropped to a 30-year low, sparking concerns implicit its quality to vie with different planetary fiscal centers.

The UK has besides been nether occurrence for its crypto policy. In June, analysts astatine the Official Monetary and Financial Institutions Forum (OMFIF), an autarkic deliberation tank, argued that the UK had wasted its early-mover vantage in distributed ledger finance.

Last month, Coinbase released a satirical video mocking the authorities of the UK economy, contrasting upbeat lyrics astir “everything being fine” with bleak images of poverty, inflation, indebtedness and crumbling infrastructure.

Coinbase releases video taking purpose astatine the UK. Source: Coinbase

Related: Blockchain-focused Figure Technology joins crypto IPO question with SEC filing

Crypto companies record for US listings

Bitpanda’s rejection of London comes arsenic crypto firms progressively look to the US for superior marketplace activity. Earlier this month, Gemini Space Station, the crypto speech founded by Cameron and Tyler Winklevoss, filed with the SEC to database its Class A communal banal connected the Nasdaq Global Select Market nether the ticker GEMI.

Other crypto firms that person precocious filed for US listings see blockchain lender Figure, BitGo and Bullish, different Thiel-backed speech that listed connected the NYSE this month.

Bitpanda precocious launched successful the UK, allowing users to commercialized implicit 600 integer assets, and announced a sponsorship woody with Arsenal Football Club.

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