Bitpanda Acquires DeFi Wallet Provider’s Trustology
Cryptocurrency exchange Bitpanda announced yesterday that it has acquired digital asset custody company Trustology.
Bitpanda acquires DeFi wallet provider’s Trustology
Australian crypto exchange Bitpanda has announced that it has acquired digital asset custody firm Trustology, a provider of DeFi-based wallets.
Trustology is Bitpanda’s first purchase. The main goals of the agreement are to make decentralized finance accessible to institutional investors, service providers and token issuers.
Trustology is known as an institutional crypto wallet provider registered with the Financial Conduct Authority (FCA). The company, which received a license last October, will rebrand its London-based platform to “Bitpanda Custody” following its recent acquisition. The focus is on creating a secure and compliant enterprise-class crypto storage platform for all users.
Bitpanda Pro CEO Joshua Barraclough said the following about the deal:
“This is a huge step forward for us as a company and for Bitpanda Pro in particular. Bitpanda Custody is part of our strategy to offer a full range of services to our client base and we are now able to combine an enterprise-class FCA-registered custody solution with a world-class trading location.”
As a first step, Bitpanda Custody will conduct oversight of the exchange’s own retail, corporate and label services assets. According to recorded statements, the move is planned to make Bitpanda Custody one of the largest custodians of digital assets in the world.
Bitpanda operates its custody service in the UK
In addition to Bitpanda’s existing license in the European Union, Bitpanda Custody will be mandated to operate its custody services in the United Kingdom. In addition, the platform plans to expand its range of services for customers and partners.
The trading platform claims this acquisition is the first step in launching Bitpanda Pro, its flagship brokerage platform, and expects to launch an over-the-counter trading desk in the future.
The Bitpanda exchange was founded in 2014 and completed a $170 million Series B funding round last March. Meanwhile, attempts were made to make unicorns in Australia. As part of the company’s expansion efforts, Bitpanda raised $263 million in five months. Its valuation rose to $4.1 million. Participating in the funding round was Valar Ventures, a US-based venture capital firm founded by Peter Thiel.
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