- This will give the exchange access to the European market
- The deal is seen as another step by the company to explore outside destinations
- As rumors of a possible “move” of Coinbase grow louder
Austrian cryptocurrency investment company BitPanda has signed an agreement with Coinbase exchange.
As part of this deal, the platform will gain direct access to European banks and fintech firms through Bitpanda Technology Solutions.
It should be noted that Bitpanda Technology Solutions is a provider of IaaS (investment-as-a-service) products designed to facilitate depositors’ access to high-yield positions.
The partnership with Coinbase will greatly expand the reach of the exchange, and in turn, provide the exchange with access to a new market.
The company will provide liquidity and custodial services to the platform’s customers.. This way institutional investors of Coinbase will get a direct “corridor” to promising projects in Europe.
Bitpanda Technology Solutions infrastructure is used by several major counterparties, including Raiffeisenlandesbank, German neobank N26, fintech firm Lydia and British financial service Plum.
In a press release, both companies stressed that they adhere to KYC requirements and are regulated entities:
“BitPanda and Coinbase share the same goal of making investments in cryptoassets as accessible and transparent as possible.
This is an unprecedented opportunity for the market to harness the potential of cryptocurrency to develop its customers.
Our agreement is designed to advance these ambitions and will serve as a foundation for a clear future,” BitPanda CTO Lucas Enzersdorfer-Conrad.
This deal is further evidence that Coinbase is interested in entering new markets.
Although the exchange is denying the possibility of a “move” from the U.S., this scenario seems increasingly likely amid pressure from regulators.
And although the exchange is denying the possibility of a “move” from the U.S., this scenario seems increasingly likely amid pressure from regulators.