Crypto exchange platform Bitpanda revealed the acquisition of UK-based crypto custodial service provider Trustology for an unknown amount.
- Bitpanda will rebrand Trustology as Bitpanda Custody to offer crypto custodial service.
- The acquisition will help Bitpanda to provide crypto custody services within UK and European Union.
- The acquisition of Trustology will help the platform to launch Bitpanda Pro.
Bitpanda will rename the new acquisition as Bitpanda Custody to provide a secure crypto custody service for institutional investors.
Initially, the firm will take custody of its own assets from all retail and institutional businesses, which will place new platforms at the top list of the custody service providers.
Bitpanda has recently raised $263 million in a fundraising round that pumped its market valuation at $4.1 billion.
As per the blog, Bitpanda will also commit to offset custody fees by bringing them down to ZERO for users on Bitpanda.
Now, the exchange is planning to build a crypto brokerage ecosystem by offering adequate tools and services.
The acquisition was approved by the U.K Financial Conduct Authority, which will help the platform to provide crypto custody services across the U.K to entice new crypto enthusiasts. Also, existing customers will also embrace crypto space apart from trading.
The current acquisition pushes Bitpanda a step closer to the launch of Bitpanda Pro, which is a prime brokerage services platform and an over-the-counter trading desk.
“Through Trustology’s technology, we will be able to offer custody solutions to all of our customers — whether retail or institutional,” Bitpanda founder and CEO Eric Demuth told Cointelegraph.
He adds, “This acquisition will help us with our growth, expansion and ultimate goal: to create the leading investment platform for everyone in Europe and beyond. We will continue to create synergies between all our different services and products.”