Bitpanda Unveils Institutional Crypto Platform with Cold Storage

Bitpanda Wealth utilizes Bitpanda’s proprietary custody solution. It leverages cold storage to secure assets.

Bitpanda, an Austrian fintech unicorn, is responding to the rising desire for institutional crypto services in Europe by unveiling an institutional-grade cryptocurrency trading platform. The cryptocurrency broker was established in 2014 and has unveiled Bitpanda Wealth.

This new service targets persons, family offices, corporate treasuries, and external asset managers with high net worth.  Bitpanda announced the news on January 30 by saying that the institutional platform was developed using a similar infrastructure trusted by many prominent European banks.

Bitpanda Wealth provides a collection of services to enhance crypto payment as well as the management and reporting of services. Besides, the suite features exchange-traded funds (ETFs), leverage products, commodities, and more assets.

Bitpanda Taps Cold Storage for Safeguarding Clients’ Assets

Eric Demuth, Bitpanda’s co-founder and chief executive officer, told a media resource that the firm is shifting its attention to a European sector that ‘appears to be underserved.’ He noted that this area has noteworthy interest and yet has inadequate solutions. He also said that Bitpanda has contacted ‘a number of private banks and wealthy customers who have revealed the need for a distinct service.

Bitpanda Wealth utilizes Bitpanda Custody, the firm’s proprietary custody solution. It applies cold storage to safeguard customers’ assets.

Bitpanda Custody is registered with the UK’s Financial Conduct Authority (FCA) and offers separate wallets for service providers, institutional investors, corporate treasuries, and token providers. Eric said that concerning asset security, several financial market authorities monitor them while external parties validate their business practices and funds. He also said they are trustees on their users’ behalf, and all funds are kept in cold storage.

Also referred to as cold wallet, cold storage is one of the safest means of storing private keys that aid access to crypto holdings. Different from online hot wallets, which crypto trading platforms often utilize, cold wallets lack connection to the internet, considerably reducing the possibility of security hacks and breaches.

Bitpanda Wealth is not the first institutions-founded platform to be unveiled by the company. In 2019, Bitpanda unveiled Bitpanda Pro, a brokerage services platform as well as an over-the-counter trading desk. In 2021, Bitpanda Pro secured a €30M Series A round, which resulted in its rebranding as One Trading.

Bitpanda and One Trading Gain Autonomy

Eric revealed to a digital media resource that One Trading was fully separated from Bitpanda in 2023 following an eventful Series A. Bitpanda is a major crypto company in Europe and has been actively partnering with local regulators to acquire appropriate approvals to offer its services.

In October last year, the firm acquired a virtual assert service provider (VASP) permit in Norway. Additionally, the company has permits in other European jurisdictions, for instance, France, Austria, Sweden, Czechia, and Germany.

Last year, Bitpanda also aided in unveiling crypto trading services by Raiffeisen Bank’s Raiffeisenlandesbank Niederösterreich-Wien.

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