For an undisclosed sum, Bitpanda Exchange acquires Crypto Custodian Trustology

Bitpanda’s initial acquisition is the latest in a long line of high-profile crypto custody deals in the last year.

Bitpanda, a cryptocurrency exchange based in Vienna, has purchased Trustology, a digital asset custodian based in the United Kingdom. The financial parameters of the arrangement were not released, although a source close to the negotiations indicated the sum was in the eight figures.

Trustology, which received full registration from the Financial Conduct Authority (FCA) in the United Kingdom in October and specialises in decentralised finance (DeFi), will be renamed “Bitpanda Custody.”

Custody refers to the holding and safekeeping of digital assets, and companies that specialise in those technologies have been a popular target for cryptocurrency mergers and acquisitions. Curv was acquired by PayPal in March, while BitGo was acquired by Galaxy Digital in May. Meanwhile, standalone custodial firms like Fireblocks are being valued at astronomical levels by venture capitalists.

Following a $170 million Series B investment round in March, Bitpanda became Austria’s first software unicorn; Trustology is the company’s first acquisition.

According to a press statement from Bitpanda, Bitpanda Custody will take custody of Bitpanda’s assets across its retail, institutional, and whitelabeling businesses.

In a press statement, Joshua Barraclough, the CEO of Bitpanda Pro, said, “Bitpanda Custody is part of our ambition to offer a fully comprehensive set of services to our client base, and we can now combine an FCA-registered, institutional-grade custody solution with a top trade execution venue.”

The digital asset exchange recently announced ambitions to increase the quantity of digital assets available to its 3 million consumers. Since its inception in 2014, Bitpanda has grown to include stock, precious metals, and exchange-traded funds (ETF) trading via a mobile app.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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