Bitpanda Seals First-Ever Acquisition of UK’s FCA-Registered Trustology

In an announcement today, the crypto trading company Bitpanda acquired the London-based crypto and DeFi custodian wallet provider Trustology.

While the company’s procurement was done for an undisclosed amount, Bitpanda announced its plans with Trustology going forward.

Europe Meets the UK

Being one of the leading European investment platforms, Bitpanda has already laid down its plans for the FCA (Financial Conduct Authority) institutional crypto wallet provider Trustology.

Post-acquisition, the wallet provider will be rebranded into Bitpanda Custody, and the company will direct it towards establishing and offering a ‘secure, sophisticated, compliant, institutional grade’ crypto platform.

By occupying Bitpanda’s assets across the retail, institutional, and white-labeling businesses, Bitpanda Custody aims to become one of the world’s largest crypto custody providers.

This acquisition will also allow Bitpanda to execute its Prime Brokerage offering of Bitpanda Pro, which is designed at bringing down the cost of custody to zero for those customers who trade actively on the exchange.

The CEO of Bitpanda Pro, Joshua Barraclough, stated:

“Recently, we have invested a lot in upgrading Bitpanda Pro exchange as well as boosting our liquidity partnerships, so that we can compete with the largest exchanges on execution capabilities. Now we are looking to massively increase our footprint and bring lots more clients to our venues… We have great plans in the pipeline and are doubling down on bringing new products to market, including building on Trustology’s leading DeFi functionality. “

The ConsenSyS funded four-year-old Trustology was established to enable free and fair transactions. Additionally, the company achieved multiple milestones throughout its lifetime, the latest being receiving “full FCA integration.”

Commenting on the news of the acquisition, Founder and CEO of Trustology, Alex Batlin added:

“We are really excited to press the Bitpanda turbo button in its mission to make institutional crypto custody safer, faster and easier.”

UK and Crypto

The United Kingdom, while it does not consider cryptocurrencies as a legal tender, has kept an open-minded approach when it comes to its existence in the country. Currently, cryptocurrencies are recognized as “properties” and fall under the same tax bracket as capital gains profits.