Austrian crypto exchange Bitpanda will partner with Coinbase to connect the largest US exchange with European banks.
The move is Coinbase’s latest attempt to expand overseas following the U.S. regulatory battle over crypto. The partnership will allow Coinbase to use Bitpanda’s business infrastructure layer to connect directly with banks and fintech companies.
Furthermore, Coinbase will become a liquidity provider for Bitpanda Technology Solutions, the company’s “investment as a service” division.
According to the report, this will allow the platform’s institutional clients to integrate the trading infrastructure and provide their clients with crypto custody and investment tools.
Several banks, including Austria’s Raiffeisenlandesbank, German neobank N26, French fintech firm Lydia and British investment firm Plum, have used the service.
COINBASE TRANSFER US CENTER
According to BitPanda COO Lukas, Enzersdorfer-Konrad, the implementation of European MiCA regulations will allow banks to offer crypto services to customers. He told CoinDesk before adding:
They understand how much business they are missing out on, and how many of their customers will take it, if they have enough faith in the process.
He added: “Bitpanda and Coinbase share a common ambition — to make investing in digital assets safe and secure in a highly regulated way.”
Guillaume Chatain, Coinbase’s head of EMEA and APAC institutional sales, said the company is working to “update the financial system by building trusted products that expand utility and acceptance.” receive electronic money”.
Coinbase is facing increasing regulatory pressure on its home turf in the United States following the threat of legal action from the Securities and Exchange Commission in March.
Its petition asking for more clarity on crypto regulations was rejected by the SEC, which stated that securities laws are already in place and no new legislation is needed for the new asset class.
In addition to its European expansion ambitions, Coinbase has also been granted a license to operate in Bermuda as it slowly begins to break away from the harsh environment at home. The company is also considering the United Arab Emirates (UAE) as a potential strategic hub for its international operations.