Coinbase, the largest US cryptocurrency exchange, has partnered with Austria-based crypto exchange and trading platform Bitpanda.
Coinbase, which has taken steps to expand overseas after its disputes with the SEC, will use Bitpanda's business infrastructure layer to connect directly to European banks and fintech firms.
Additionally, Coinbase will be a liquidity provider for Bitpanda Technology Solutions, Bitpanda's investment division.
According to the partnership, Bitpanda Technology Solutions will also become Coinbase's Prime client and use the exchange's custody services.
Thanks to the Coinbase-Bitpanda partnership, Coinbase's corporate customers outside of the US will be able to use Bitpanda's service platform, Bitpanda Technology Solutions, as well as some of Bitpanda's infrastructure services for their individual customers.
Speaking to Coindesk, BitPanda COO Lukas Enzersdorfer-Konrad said:
“Despite the bearish crypto winter and the damage done to the asset class's reputation from last year's booms and failures, banks still want to be able to offer crypto to their customers.
In this context, the launch of MICA will enable banks to offer crypto services to their customers.
They have a liquidity location on Coinbase's exchange and hold custody. But they don't have the entire infrastructure middle layer that a partner can integrate and deliver cryptos traded on the Coinbase exchange and stored on Coinbase Custody to their end customers.
At this point, Bitpanda and Coinbase will work together to make investing in digital assets safe and secure in a regulated manner.”
“Coinbase is delighted to partner with Bitpanda to jointly serve institutions that want to bring compatible, robust crypto services to the market and their customers,” said Guillaume Chatain, Coinbase’s head of Institutional Sales for the EMEA and APAC regions.