Key Points:
- Bitpanda has partnered with Coinbase to assist in increasing digital asset adoption and address the need for access to regulated trading infrastructure.
- Coinbase will be added as a liquidity provider for Bitpanda Technology Solutions, which will also begin utilizing Coinbase Prime’s custody services as part of the agreement.
- The agreement opens the door for Coinbase Institutional customers outside of the United States.
Coinbase, the largest US cryptocurrency exchange, has entered a license agreement with Vienna-based Bitpanda as part of its efforts to expand its worldwide footprint.
The Austrian crypto exchange will link its US counterpart with European financial institutions interested in offering crypto goods to their clientele.
Bitpanda will also include Coinbase Exchange as one of the primary liquidity providers to its network as part of the agreement.
Coinbase will employ Bitpanda’s B2B infrastructure layer provider to cater to European banks and fintech enterprises under the new relationship. Bitpanda will get liquidity and custody from the US exchange, which already has partnerships with many banks, neo-banks, and fintech platforms, including Raiffeisenlandesbank and European mobile.
In turn, Coinbase’s liquidity and Coinbase Prime’s custody solution will support all operations.
Bitpanda has already established crypto connections with a variety of banks, neo-banks, and fintech platforms, including Austrian conventional lender Raiffeisenlandesbank, European mobile bank N26, French money app Lydia, UK fintech Plum, and Italian mobile bank Hype.
Commenting about the partnership with Coinbase, Bitpanda’s CEO Lukas Enzersdorfer-Konrad told CoinDesk that the American exchange would be able to utilize Bitpanda’s services to create an infrastructure middle layer and expand its user base in Europe. Both exchanges emphasized during the introduction that they are regulated companies that adhere to the highest know your customer (KYC) standards.
Coinbase’s European effort comes just days after the European Parliament approved the much-anticipated Markets in Crypto-Assets (MiCA) regulatory framework for its crypto business. Aside from relaxing rules in the European market, Coinbase is attempting to establish deeper roots outside of the United States despite a regulatory crackdown in the area.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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