- Coinbase has signed a licensing deal with Bitpanda to cater to European banks serving crypto clients.&
- The partnership will see the American exchange provide liquidity and custody services to Bitpanda.&
- The latest deal is part of Coinbase’s efforts to increase its presence abroad amid intensifying crackdown in the U.S.&
American crypto giant Coinbase has signed a licensing deal with Vienna-based Bitpanda, amid its push to increase its global presence. The deal will see the Austrian crypto exchange connect its American counterpart with European financial institutions that are looking to offer crypto products to their clients.
Coinbase Seeks To Increase Global Footprint Amid U.S. Crypto Crackdown
According to a recent report by CoinDesk, the new partnership will see Coinbase use Bitpanda’s B2B infrastructure layer provider to cater to European banks and fintech firms. The American exchange will provide liquidity and custody to Bitpanda, which already has relationships with several banks, neo-banks and fintech platforms, including Raiffeisenlandesbank, European mobile
Speaking on the deal with Coinbase, Bitpanda’s COO Lukas Enzersdorfer-Konrad said that the American exchange will be able to leverage Bitpanda’s services to use an infrastructure middle layer and increase its customer base in Europe. During the announcement, both exchanges highlighted that they are regulated entities that conform to the highest know your customer (KYC) norms.&
They understand how much business they are missing out on, and also how much more of their customer base would do that business, if they had enough trust in the process.”Lukas Enzersdorfer-Konrad, COO at Bitpanda
Coinbase’s European push comes shortly after the European parliament voted to approve the highly anticipated Markets in Crypto-Assets (MiCA) regulatory framework for its crypto industry. Apart from the easing regulations in the European market, the crypto exchange’s latest move is also prompted by the intensifying crackdown on crypto entities in the United States.
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