BitPanda to provide crypto custody with the acquisition of FCA-approved Trustology

Bitpanda said Trustology acquisition would be the first step towards launching its prime brokerage service Bitpanda pro.

BitPanda, a Viena-based crypto exchange platform has made its maiden acquisition in the form of United Kingdom-based Trustology, a crypto custodian and wallet service provider for an undisclosed amount.

BitPanda will rebrand the newly acquired fintech firm to BitPanda custody in a bid to start its native crypto custody services focused on institutional investors. The firm plans to begin its newly announced crypto custody services by taking custody of all its assets across its retail and institutional businesses. The firm claimed it would become the largest crypto custodian by doing so.

The crypto platform’s first-ever acquisition comes after a series of fundraising throughout 2021. The crypto exchange platform raised a total of $450 million in multiple funding rounds, giving it a valuation of $4.1 billion, and now the platform looks to expand its services and build a crypto brokerage ecosystem like many other leading crypto platforms.

While the official financial details of the deal weren’t made public, a spokesperson for the company told Cointelegraph that the deal was in eight figures.

Related: BitPanda CEO Eric Demuth Says Bitcoin Is Gold 2.0 for Millenials

The latest acquisition of an FCA-approved firm would help Bitpanda offer digital asset custody services across the U.K. and also help it expand its range of services for the existing customers. The exchange platform claimed its maiden acquisition is the first step towards the launch of Bitpanda pro, its prime brokerage services platform, and an over-the-counter trading desk expected to be launched in the near future.

BitPanda started its work towards Bitpanda Pro right after its last funding round of $263 million in August last year when it on-boarded former JP Morgan exec to lead its fully-regulated crypto exchange. The firm plans to continue building for its brokerage services throughout 2022.