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Bitpanda, a prominent crypto exchange and trading platform based in Austria, has formed a strategic alliance with Coinbase, a popular U.S.-based exchange. The partnership aims to bridge the gap between European banks and their clients' aspirations to access digital asset opportunities. Through this collaboration, Coinbase will leverage Bitpanda Technology Solutions, a specialized B2B infrastructure service, to integrate seamlessly with banking and fintech institutions.
Despite the recent challenges faced by the cryptocurrency market during the "crypto winter" and the setbacks experienced in the past year, the interest in cryptocurrencies remains strong within the banking sector. Lukas Enzersdorfer-Konrad, Chief Operating Officer of BitPanda, emphasized that the demand for digital currencies among customers is particularly prominent in Europe, especially with the recent implementation of the Markets in Crypto-Assets (MiCA) regulatory framework.
While Coinbase already offers established exchange and custody services, it lacks a comprehensive middle layer infrastructure through which partners can embed and present digital assets bought and traded on the Coinbase exchange and stored in Coinbase Custody to their customers, as explained by Enzersdorfer-Konrad.
Bitpanda currently has digital asset connectivity with various banks, neo-banks, and fintech platforms. This includes Austria's Raiffeisenlandesbank, Europe's N26 mobile bank, Italy's Hype mobile bank, France's financial app Lydia, and the UK's fintech enterprise Plum.
Enzersdorfer-Konrad highlighted that banks are now recognizing the increasing volume of transactions and the significant amount of their clients' assets being directed toward cryptocurrency ventures. This realization has led them to understand the potential business they are currently missing out on and the number of clients who would engage in such transactions if they had confidence in the process. This partnership marks a pivotal moment in bridging traditional banking with the innovative world of digital currencies, signaling a new chapter in the financial landscape.
