Bitpanda, the Austrian fintech unicorn, has unveiled Bitpanda Wealth, an institutional-grade cryptocurrency trading platform aimed at catering to the rising demand for institutional crypto services in Europe. The new service is specifically designed for high net worth individuals, family offices, external asset managers, and corporate finance departments. Bitpanda Wealth utilizes the same infrastructure trusted by major European banks and offers a range of services facilitating cryptocurrency investment, management, and reporting, along with leveraged products, exchange-traded funds (ETFs), commodities, and other assets.
Bitpanda's co-founder and CEO, Eric Demuth, mentioned that Bitpanda is addressing industries in Europe that appear to be underserved. He noted that while there is considerable interest in this space, there is a lack of adequate solutions. The new platform, Bitpanda Wealth, will be exclusively available to high-net-worth investors and will provide personalized relationship managers to cater to their unique needs. Bitpanda has been working with various private banking and wealthy clients, and Demuth emphasized the demand for distinct services in this sector.
Bitpanda Wealth is set to be accessible to users across the European Union, leveraging the licenses Bitpanda holds in multiple European jurisdictions, including Austria, Germany, France, the Czech Republic, Sweden, and Norway. The platform will utilize Bitpanda's proprietary custody solution, Bitpanda Custody, which employs cold storage to enhance the security of client assets. As a fiduciary on behalf of its users, Bitpanda undergoes regular verification of its funds and business practices by external parties. Bitpanda Custody, registered with the UK Financial Conduct Authority, offers segregated wallets for institutional investors, service providers, token issuers, and corporate finance departments.
Bitpanda has a history of launching institutional-grade platforms, having introduced its brokerage services platform and OTC trading platform Bitpanda Pro in 2019. In 2021, Bitpanda Pro underwent a name change to One Trading after securing €30 million in Series A funding and achieving full separation from Bitpanda. The fintech company has also been collaborating with local regulators to secure the necessary licenses for its services and is assisting Raiffeisenlandesbank Niederösterreich-Wien, a Raiffeisen Bank unit, in launching cryptocurrency trading services in 2023.
