Bitpanda Partners With Coinbase
Bitpanda has signed with Coinbase, the largest US exchange by volume. Austria-based crypto exchange and trading platform BitPanda has moved to connect Coinbase with banks in Europe looking to offer digital assets to their customers. The newly announced partnership allows Coinbase to use Bitpanda Technology Solutions, a business-to-business infrastructure layer provider, to connect directly with banks and fintechs.
According to BitPanda COO Lukas Enzersdorfer-Konrad, despite the bearish crypto winter and the damage done by last year’s booms and failures to the asset class’s reputation, banks in the European region are looking to offer crypto investment services to their clients.
This deal is possible as the Crypto Asset Markets (MiCA) regulatory framework is adopted. Banks will be able to offer crypto money investment services to their customers by complying with certain standards. This shows that cryptocurrencies can rise rapidly with the possible increase in demand. Enzersdorfer-Konrad said the following on the subject;
They have a liquidity venue with Coinbase’s exchange and have a custody setup. However, they do not have all the infrastructure middleware that a partner can integrate and deliver crypto traded and purchased on the Coinbase exchange and stored on Coinbase Custody to their end customers.
BitPanda already works with a number of banks, neo-banks and fintech platforms including Raiffeisenlandesbank, N26, Lydia, Plum and Italian mobile bank Hype. The Coinbase partnership could enable many more banks to enter this space in the future. The moves by Fidelity and others show that the number of investors could grow much faster during the next potential bull season.
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