The UK is set to see the entrance of another crypto custodian after Austrian digital trading platform Bitpanda acquired startup Trustology.
London-based Trustology was incubated by blockchain company ConsenSys and is described as an “institutional-grade crypto custodian wallet provider”.
Following the acquisition, Trustology will be rebranded as Bitpanda Custody and will initially be used as the UK-based custodian for Bitpanda’s own assets across its retail, institutional and white labelling businesses.
“Bitpanda Custody brings us one step closer to building a leading, fully regulated and secure digital investment platform for everyone, new investors and professionals alike,” said Bitpanda co-founder and chief executive Eric Demuth.
Bitpanda’s plans include the launch of a prime brokerage offering to operate alongside its regulated digital asset exchange. The company has described its ambition to develop a “disruptive fee model” aimed at reducing the cost of custody to zero for the customers who “actively trade” on the exchange as well as a soon-to-be-launched over the counter (OTC) desk.
The firm has earned unicorn status in the last year after completing a series C funding round in 2021 that value the company at more than €1.26 billion.