Europe-based cryptocurrency broker Bitpanda has recently purchased FCA-registered custodial platform for institutional investors Trustology.
The amount of the deal has not been disclosed, however, a representative of the company has explained we are talking about “tens of millions of US dollars.”
As part of the deal, Trustology will be renamed to Bitpanda Custody. The deal will allow the brokerage company to launch its own custodial service for crypto exchange Bitpanda Pro. Trustology is one of the few firms that meets the Financial Conduct Authority’s (FCA) anti-money laundery requirements.
The technologies of the acquired company will be used in all divisions of Bitpanda. As time passes by, the cost of custodial services for clients will be eventually reduced to zero.
