Bitpanda acquires London-based entirely crypto custodian Trustology

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  • This is the first acquisition deal for the crypto exchange headquartered in Vienna
  • The exchange views the acquisition as a step in direction of its map of debuting a Prime Brokerage provider

Austrian cryptocurrency exchange Bitpanda has completed an acquisition deal for institutional-grade DeFi custodian pockets provider Trustology. Neither birthday celebration revealed the specifics, but in step with a provide mindful of the dispositions, the deal is within the differ of eight figures in US dollars.

This is the first acquisition the exchange has completed and represents a rush in direction of unveiling brokerage services and products below the Bitpanda Legit platform. 

“The introduction of Bitpanda Custody is step one in launching a Prime Brokerage providing below Bitpanda Legit to poke alongside the regulated digital asset exchange. Bitpanda Legit will decide to a disruptive charge mannequin aimed at bringing down the worth of custody to zero for potentialities who actively trade on our exchange and quickly to be launched OTC desk.”

Trustology is a crypto custodian working within the UK, having secured elephantine registration and approval from the UK Monetary Habits Authority final October. The acquisition places Bitpanda in a space to present crypto custodial services and products.

Trustology may possibly be rebranded to Bitpanda Custody

As section of the agreement, Trustology, which has a highlight on the DeFi suppose, will take a fresh name, ‘Bitpanda Custody’, below the Bitpanda mark. The fresh entity may possibly possibly help the exchange switch forward with its plans to introduce digital sources custody for its institutional investors.

Bitpanda will leverage Trustology’s FCA registration to present crypto custodial services and products all around the UK while affirming its operations in Europe. Bitpanda Custody will lift the custodial role for Bitpanda’s existing retail potentialities and institutional agencies as a first switch, making it considered a number of the realm’s largest digital sources custodians.

Trustology’s founder Alex Batlin, in an announcement featured within the Tuesday PR, hailed Bitpanda’s plans to approach institutional crypto custody.

Eric Demuth, Bitpanda CEO, renowned that Trustology had developed an distinctive custody technology,” adding that the resulting entity may possibly possibly help the exchange elevate out its map of building a number one, entirely regulated and genuine digital investment platform” that can accommodate all forms of investors.

Value noting, Bitpanda raised a fundamental amount of funds by diagram of a series of funding rounds final 300 and sixty five days. The exchange grew to modified into the first FinTech unicorn in Austria after netting $170 million from its Sequence B funding spherical final March. It also closed a $263 million Sequence C closed in August, achieving a $4.1 billion valuation. The fundraising featured Peter Thiel’s endeavor capital company Valar Ventures.