Austrian based, Bitpanda, crypto and securities broker platform that offers custody services and tech trading solutions has announced its plans to expand to the Middle East, with the launch of Bitpanda MENA.
According to the press release, Bitpanda will match the region’s ambitions and provide the infrastructure necessary to power future trading growth and unlock digital assets for millions of investors.
Banks, fintechs, (neo-)brokers and crypto-native companies in the region will be able to partner with Bitpanda Technology Solutions (BTS) to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as 3 months.
This will happen as soon as Bitpanda MENA has finalized obtaining its local license later this year. BTS already partners with several of Europe’s largest banks, and currently provides the trading infrastructure for over 20 million customers across Europe.
Eric Demuth, co-founder and CEO of Bitpanda commented, “Over the last year we’ve seen a huge increase in demand for access to digital assets and a general maturation of the industry. Through Bitpanda Technology Solutions we will provide the region with the trading infrastructure it needs to meet the ambitions of its investors. We are already the partner of choice for some of Europe’s biggest banks because we have proven again and again over the last decade that we provide both the best products, and the safety, security and trust they need to succeed. The UAE is the ideal place for us to make our entry to the Middle Eastern market. It has the perfect mix of investor demand and innovative regulatory environment that will allow us to deliver the best trading solution available on the market.”
Speaking to the Emirates News Agency (WAM), Demuth said that opening an office for the platform in the UAE will allow it to provide the necessary infrastructure to stimulate future growth of the trading sector and make digital assets available to millions of investors in the region.
Walid BenOthman, Managing Director of Bitpanda MENA added, “Bitpanda has built a truly world-class product that is already trusted by millions of European investors, and several of Europe’s largest banks. We know we have the best product available and are thrilled to be able to launch it in Dubai where demand for crypto and digital assets has never been higher.”
Bitpanda MENA will open its first office in Dubai at the DMCC Crypto Centre and has already appointed an experienced team led by Walid Benothman to tailor its offering to the local market.
In line with its long history of regulatory compliance, Bitpanda is in the final stages of obtaining its FSP and will continue to work with local regulators to ensure a fully compliant product offering.
Speaking about the announcement, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC commented: “As the world’s leading free zone and largest hub for Web3 in the region, DMCC is delighted that Bitpanda has announced its expansion to the Middle East via Dubai. As one of the leading names in the European crypto space, we look forward to working with Bitpanda through the DMCC Crypto Centre and its over 600 member companies as the ecosystem grows. We’re thrilled to welcome another unicorn to Dubai.”
Recently BitPands appointed Joshua Barraclough, a former JPMorgan executive, as the new CEO of its digital assets exchange, Bitpanda Pro. Barraclough brings a wealth of experience from his tenure as co-head of digital innovation at JPMorgan in London.
His transition to Bitpanda Pro is driven by the growing integration of cryptocurrency investments into mainstream financial markets, a trend that is increasingly demanding sophisticated trading tools for both retail and institutional investors.
This strategic hire follows Bitpanda’s recent capital boost in August 2023, where it secured $263 million in a Series C funding round led by Peter Thiel’s Valar Ventures, bringing the company’s valuation to an impressive $4.1 billion. The funds are earmarked for doubling down on technology enhancement, scaling international operations, and expanding the team.
