Bitpanda, an Austrian-based platform offering crypto and securities brokerage services along with custody solutions, has unveiled its intention to extend its operations to the Middle East with the launch of Bitpanda MENA. The platform is currently in the process of seeking a license from Dubai’s virtual asset regulatory authority to establish its presence in the region.
The expansion aims to align with the region’s aspirations, providing the necessary infrastructure to fuel future growth in trading and make digital assets accessible to millions of investors. Through Bitpanda Technology Solutions (BTS), banks, fintech firms, brokers, and crypto-native companies in the Middle East will have the opportunity to collaborate with Bitpanda to launch their own trading solutions in as little as three months, once Bitpanda MENA secures its local license later this year. BTS already collaborates with some of Europe’s largest banks and serves over 20 million customers across Europe with its trading infrastructure.
Eric Demuth, co-founder and CEO of Bitpanda, emphasized the significance of the UAE market for their entry into the Middle East, highlighting the region’s investor demand and innovative regulatory environment. The establishment of an office in the UAE is poised to facilitate the necessary infrastructure for the growth of the trading sector and the accessibility of digital assets to investors in the region.
B
itpanda MENA will inaugurate its first office in Dubai at the DMCC Crypto Centre, with an experienced team led by Walid Benothman, aimed at customizing its offerings to the local market. The company is also in the final stages of obtaining its FSP (Financial Service Provider) license and is committed to ensuring full compliance with local regulations.
Bitpanda’s expansion comes on the heels of its recent appointment of Joshua Barraclough, a former JPMorgan executive, as the new CEO of its digital assets exchange, Bitpanda Pro. This strategic move reflects the increasing integration of cryptocurrency investments into mainstream financial markets and the growing demand for sophisticated trading tools by both retail and institutional investors.
Moreover, Bitpanda recently secured $263 million in a Series C funding round led by Peter Thiel’s Valar Ventures, propelling its valuation to $4.1 billion. The funds are earmarked for technology enhancement, international scaling, and team expansion initiatives.
May 2024, Cryptoniteuae
