- Coinbase expanded its presence in Europe with a partnership with Bitpanda.
- The U.S.-based exchange will be able to offer Investing-as-a-Service infrastructures to their institutional clients in Europe.
- Coinbase has aggressively expanded out of the U.S. in the past few months.
Centralized crypto exchanges are facing unprecedented challenges in the current bear market, especially in the U.S., where regulators seem to aim to make life for crypto as hard as possible.
However, centralized exchanges continue to innovate and look to expand to other countries. For example, Coinbas has just announced that it’s going to offer its services in Europe with a partnership with Bitpanda.
Coinbase Partners with Bitpanda
Coinbase, the second-largest centralized crypto exchange in the world, is expanding to Europe. The exchange announced on Thursday that it has partnered with Bitpanda, a Vienna-based crypto exchange.
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The partnership will allow Coinbase to offer Investing-as-a-Service infrastructures to their institutional clients, such as banks and financial institutions across Europe. Bitpanda will add Coinbase to its network of approved liquidity providers, allowing institutions to leverage Bitpanda’s regulatory licenses and KYC-as-a-service.
Eric Demuth, co-founder and co-CEO of Bitpanda, said that the deal with Coinbase is what the crypto industry “needs more of.”
“This deal was based around our shared vision for the future of digital assets, and our shared values of trust, transparency, and security. Exactly the type of collaboration our industry needs more of.”
Coinbase has been aggressively expanding out of the U.S. lately. At the beginning of May, the exchange declared that it was launching Coinbase International Exchange, a derivatives exchange based in Bermuda, where it had recently received a regulatory license.
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Two weeks later, Coinbase announced Coinbase One, a subscription service that now allows users to trade with zero trading fees, among other benefits, outside of the U.S. Germany, Ireland, and the U.K. are the first countries that have access to the new service, with plans to expand to 35 additional countries worldwide.
On the Flipside
- Bitpanda is one of the lesser-known centralized crypto exchanges. Overall, trading on centralized exchanges has been very low in the past few months. ETH holdings on exchanges are also at an all-time low.
Why This Matters
Coinbase aggressively expanding out of the U.S. is a sign of what a tough regulatory environment crypto companies in the U.S. are facing.
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