Austria-based crypto exchange Bitpanda will now provide cryptocurrency custody services after acquiring UK’s FCA-approved crypto custodian Trustology. With the latest procurement, Bitpanda has renamed Trustology to ‘Bitpanda Custody.’
Founded in 2017, Trustology (now Bitpanda Custody) is a crypto custody wallet registered with the UK financial regulator Financial Conduct Authority (FCA). The latest deal will result in Bitpanda expanding its operations across the UK.
Per the blog post issued Tuesday, Bitpanda claims the acquisition would allow the exchange to offer “world-class institutional-grade security.” The financial terms of the deal were not disclosed.
“We can now provide retail customers with world-class institutional grade custody security,” said Eric Demuth, co-founder and CEO of Bitpanda, in the press release. “Institutional clients will benefit from innovative custody solutions to not only overcome the challenges they face today, but also to thrive in the years to come.”
Bitpanda saw its valuation rising to more than $4.1 billion last year after closing its $263 million Series C in August. The crypto exchange now has more than 700 employees in ten offices across the world. Joshua Barraclough, CEO of Bitpanda Pro, said:
“Now we are looking to massively increase our footprint and bring lots more clients to our venues. Importantly we are moving away from an asset under custody pricing model and are not penalising our clients’ growth.”