Coinbase, a leading cryptocurrency exchange, has recently formed a partnership with Bitpanda, an Austrian fintech firm, as reported by Fintech Finance on May 23.
Under this collaboration, Bitpanda and Coinbase will join forces to offer institutional trading services outside of the United States. Additionally, Bitpanda will leverage Coinbase’s liquidity services and utilize Coinbase Prime’s custody solution.
Both companies are regulated entities and provide KYC-as-a-service, enabling institutional clients to expedite their market entry by swiftly integrating API and white-labeled services, as mentioned in the report.
In a separate report by Coindesk on May 24, it was suggested that the partnership would enable Coinbase to collaborate with European banks and fintech companies.
Guillaume Chatain, Coinbase’s Head of Institutional Sales EMEA & APAC, expressed his views on the partnership’s global implications. He stated that Coinbase firmly believes that cryptocurrencies and blockchain technology can enhance economic freedom and create opportunities worldwide.
In April, Coinbase CEO Brian Armstrong mentioned the possibility of relocating the company’s U.S. headquarters due to regulatory challenges in the country. However, he later clarified that Coinbase would always maintain a presence in the United States.
On May 2, Coinbase introduced a new platform called Coinbase International Exchange, specifically catering to institutional clients in the European Union. This EU-focused service aligns with the objective of the Bitpanda partnership.
Furthermore, the European Union is in the process of implementing new regulations known as MiCA, which could establish a more manageable operational framework for Coinbase and other cryptocurrency firms.