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  • Writer's pictureTeresa Pace

Bitpanda introduces an institutional cryptocurrency platform incorporating secure cold storage.

Bitpanda Wealth, the latest offering from Austrian fintech unicorn Bitpanda, utilizes Bitpanda's exclusive custody solution, employing cold storage to safeguard investors' assets. Responding to the increasing demand for institutional crypto services in Europe, Bitpanda, a prominent cryptocurrency broker founded in 2014, has introduced Bitpanda Wealth. This new service is designed for high-net-worth individuals, family offices, external asset managers, and corporate treasuries.

Announced on January 30, Bitpanda highlighted that its institutional platform is constructed using the same infrastructure trusted by several major European banks. Bitpanda Wealth provides a comprehensive suite of services, facilitating crypto investment, management, and reporting, while also offering leverage products, exchange-traded funds, commodities, and other assets.

Bitpanda's co-founder and CEO, Eric Demuth, explained that the launch of Bitpanda Wealth addresses an underserved sector in Europe, driven by significant interest but lacking adequate solutions. Engaging with private banks and affluent clients who expressed a distinct need, Bitpanda aims to fulfill this demand. The institutional platform relies on Bitpanda's proprietary custody solution, known as Bitpanda Custody, which employs cold storage for enhanced security. Registered with the UK's Financial Conduct Authority, Bitpanda Custody provides segregated wallets for institutional investors, service providers, token issuers, and corporate treasuries.

Emphasizing asset security, Demuth highlighted that Bitpanda undergoes monitoring by multiple financial market authorities, with funds and business practices regularly validated by external parties. The use of cold storage, a significant point of differentiation from traditional exchanges, enhances the security of users' funds by keeping them offline and disconnected from the internet.

Bitpanda Wealth is not the first foray into institutional services for Bitpanda, as the company previously launched Bitpanda Pro, a brokerage services platform and over-the-counter trading desk, in 2019. The platform later rebranded as One Trading in 2021 after securing a 30-million-euro Series A round, operating independently from Bitpanda.

As a major player in the European crypto landscape, Bitpanda has actively collaborated with local regulators to secure necessary licenses. In October 2023, Bitpanda obtained a virtual asset service provider license in Norway, adding to its existing licenses in Austria, Germany, France, Czechia, and Sweden. Furthermore, Bitpanda played a role in assisting Raiffeisen Bank's Raiffeisenlandesbank Niederösterreich-Wien in launching crypto trading services in 2023.

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