The European crypto broker Bitpanda has acquired the FCA-registered custodian platform Trustology for institutional investors.
Welcome to Team Bitpanda, @TrustologyIO!
With this acquisition, we’re safeguarding our Bitpanda and Bitpanda Pro users’ assets with an insured, user-friendly custodial wallet platform with institutional-grade security.Ready to find out more?👇https://t.co/rIWuOcvx3Y
— Bitpanda (@bitpanda) February 22, 2022
The deal value was not disclosed. A company representative told The Block that the figure could be in the tens of millions of US dollars.
Trustology will be renamed Bitpanda Custody. Its acquisition will allow the broker to launch its own custody service for the Bitpanda Pro bitcoin exchange. Trustology is one of the few firms to have met the FCA’s AML requirements.
The technology of the acquired company will be deployed across all Bitpanda divisions. Over time, the cost of custody services for clients will be driven down to zero.
In October 2021, Joshua Barraclough became Bitpanda Pro’s CEO. Previously, he led the fintech division and was co-head of the digital innovations department at JPMorgan.
In August 2021, the brokerage company , following a funding round raised $263 million, was valued at $4.1 billion.
In November, the popular French payment app Lydia integrated Bitpanda’s services.
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