Bitpanda has recently made an announcement confirming that it is going to expand its business in Germany. Bitpanda, a major cryptocurrency exchange has made the announcement via a blog post.
Bitpanda to Operate in Germany
Bitpanda officials have revealed that they have successfully acquired an operating license in Germany. The exchange will now be able to operate in Germany and offer cryptocurrency custody, and other services.
As per the officials, they have secured a license from the financial authority in Germany for cryptocurrency custody. The particular authority is known as BaFin.
Expansion of Services in Germany
The Austria-based cryptocurrency exchange has confirmed that it is legally permitted to operate in Germany. The exchange will be able to offer cryptocurrency-related services to German residents.
Bitpanda has also achieved another title of being the first-ever crypto exchange outside of Europe to be able to offer services in Germany.
Bitpanda has proved its Legitimacy
The FTX exchange has caused a huge dent in the entire cryptocurrency industry. The exchange reportedly misled the entire community into thinking their funds were safe but the reality was a huge shocker.
As the exchange ended up filing for bankruptcy, it alerted the regulatory authorities to take strict actions against the crypto firms.
The regulators are taking strict measures to deal with corrupt and unregulated cryptocurrency firms. This has resulted in the entire industry losing its reputation in the mainstream sector.
By acquiring a license in Germany, which has one of the most regulated and strict environments for crypto, Bitpanda has confirmed its authenticity.
It has proved that it is a highly regulated and credible firm with the right to operate in Germany. The exchange has a license to operate in one of the strictest countries in terms of regulations.
Bitpanda is already operating in multiple countries around the world. Some of the major countries include France, Sweden, Spain, the Czech Republic, Italy, the United Kingdom, and Austria.
Other exchanges that are already operating in Germany include Upvest, Tangany, Kapilendo, and Coinbase. However, these exchanges mainly offer crypto investment services to institutional investors.
Bitpanda to Offer Variety of Crypto
Bitpanda has been around for a while and it has built up a strong reputation over the years. The exchange has a large portfolio of cryptocurrencies to offer users from all over the world.
Now, the exchange has the opportunity to expand its business to German and offer great opportunities to the investors there.
It is obvious that the adoption of cryptocurrencies in Germany would prove to be extremely advantageous for the entire cryptocurrency industry.
Germany has the third largest economy in the entire world but in recent months, the energy crisis has pushed it against the wall.
With the country’s economy facing a major downfall, it is only a matter of time before the people in Germany adopt cryptocurrencies in the masses.