- Bitpanda, an Australian-based crypto exchange, partnered with Coinbase to bring about digital currency adoption in Europe.
- Initially, Bitpanda went by Coinimal and offered standard crypto trading functionalities as its peers.
- According to CoinRanking, Bitpanda Exchange has a daily transaction volume of $1.17 million.
- Coinbase, the second largest crypto exchange, has partnered with Bitpanda to expand crypto adoption through Europe.
The crypto market 2023 is filled with bandages and bruises from the previous year’s occurrences. The aftermath of the crypto winter is still in effect as many crypto traders are weary of the market, and exchanges suffer under the thumbs of regulators. However, despite the gloomy nature of the market, various exchanges continue to seek crypto partnerships to revive their former glory. Bitpanda, an Australian-based crypto exchange, partnered with Coinbase, the second-largest crypto exchange today, to bring about digital currency adoption in Europe.
This new partnership aims to boost the low crypto adoption in Europe, hoping to inspire others to do the same. Given the current crackdown on exchanges, this might be the moral boost the market requires.
Who are Bitpanda
Bitpanda Exchange is one of the few organizations that belied the concept of crypto before anyone did. Eric Demuth, Paul Klanschek, and Christian Trummer founded this Australian-based crypto exchange in 2014. At the time, the crypto markets were still emerging.
Initially, the company went by Coinimal and offered standard crypto trading functionalities as its peers. Bitcoin shattered myths and misconceptions during this time and gained immense fame globally. Despite this, the founders changed its name to Bitpanda Exchange in 2016. The organization grew by offering an intuitive, easy-to-use interface that drew new crypto traders by numbers.
As time progressed, the Australian-based crypto exchange ventured outside the crypto ecosystem to attract more users and expand its reach. In 2019 it launched a new trading feature that enabled users to trade in particular metals. Due to the rapid crypto adoption rate and additional features, Bitpanda opened different branches in London.Within the same year, Bitpanda’s exchange acquired the attention of numerous investors. They contributed to a $52 million initial funding round to expand its functionalities. Investors such as Peter Thiel’s investment firm took a keen interest in its plans to expand the market. Within a year, the Australian-based crypto exchange proved its competence by partnering with Visa to introduce a crypto payment service through a credit card.
This initiative propelled the franchise into significant milestones, and within the year, it raised $260 million. This feat increased its valuation to more than $4 billion, solidifying its position as a prominent crypto exchange of its time. According to CoinRanking, Bitpanda Exchange has a daily transaction volume of $1.17 million. This figure speaks volumes to its capability as an Australian-based crypto exchange.
Bitpanda partners with the second-largest crypto exchange
Despite combating legal issues with the SEC, Coinbase, the second largest crypto exchange, has partnered with Bitpanda to expand crypto adoption through Europe. According to its report, the crypto partnership will invite Coinbase to utilize Bitpanda technology Solutions to connect directly to banks and fintech.
By clicking banks to crypto payment services, the crypto partnership would gradually repair the damage caused by the crypto winter. BitPanda COO Lukas Enzersdorfer-Konrad has stated that with the aid of Coinbase, the organization could salvage what little reputation the market has. He said, “Coinbase has a liquidity venue with their exchange, and they have the custody setup. Unfortunately, they don’t have the whole infrastructure middle layer that a partner can integrate and offer crypto traded and bought on Coinbase exchange and stored on Coinbase Custody to their end customers.”
The Australian-based crypto exchange already has a crypto connectivity space in several financial institutions. Some include; Austrian traditional lender Raiffeisenlandesbank, European mobile bank N26, French money app Lydia, U.K. fintech Plum and the Italian mobile bank Hype.
The second largest crypto exchange can take advantage of its vast network. Furthermore, it would benefit the crypto partnership and improve the market generally. To address any questions on the general legal issues, Konard stated that the banks would have access to their transparent systems. He claimed that it would give them the right amount of access to the transaction without interfering with their ideal of decentralization.
Furthermore, the crypto partnership would enable traditional banking systems to witness firsthand the benefits of digital currency and its applications. Coinbase has responded ecstatically to its new crypto partnership with Bitpanda. Together they could positively impact the crypto market and create robust services for future use.
In recent months, the largest crypto exchange has struggled to keep up. The constant bombardment from the crypto winter and regulators have strained its agendas to expand its ecosystems. Fortunately, Bitpanda Exchange has offered a solution not many would willingly undertake.
The latest crackdown on crypto laws has caused many to avoid crypto partnerships with the top three crypto exchanges in the market. Despite this, all three organizations have taken the necessary steps to save the market and ensure its continuation. The Australian-based crypto exchange emphasizes improving the market rather than protecting its skin.