Bitpanda set to shake up UK crypto market after FCA approval
European crypto platform Bitpanda is set to expand operations across the UK following approval from the City regulator.
The Financial Conduct Authority (FCA) has permitted Bitpanda to bring its suite of 500 cryptocurrencies to the UK market.
Bitpanda’s entry adds to the increasing pressures across traditional banks as they face competition from the modern abilities of fintechs and challenger banks.
Deputy chief executive Lukas Enzersdorfer-Konrad told CityAM: “The choice for UK banks is clear – either they develop a solution to offer trading to their users, or those users will look for an alternative.”
He added: “People want their money to do more, they want more choice in what they can invest in and when and how they can invest.
“They want convenience but not at the cost of security.”
‘Born out of demand’
He said it was this demand that fintechs and challenger banks were “born out of” and traditional banks should utilise platforms like Bitpanda to “deploy a world class solution in a few months, rather than an in-house version that might take years”.
“On the broker side we think there is a huge opportunity to deliver secure crypto trading to millions of investors.
“The demand is there, people want simple access to the market with a company they can trust,” he told CityAM.
The Vienna-based company promised to make a “bold statement” with the introduction of its staking, saving plans and crypto indices to the UK market.
Eric Demuth, chief executive and co-founder of Bitpanda, said “there was no question about” UK expansion and said the market was “the last missing piece to truly serve all Europeans”.
“Now, our focus is clear: deliver a product that meets the needs of UK investors.
“We’re ready to welcome British investors and take Bitpanda to the next level,” he added.