Austrian retail crypto trading platform Bitpanda announced that it has received a license to operate as a payment service provider.
The Payment and Services Derivative 2 (PSD2) license was granted by the Austrian market regulator the Financial Market Authority Austria (FSA) and will allow the company to offer its services in both the European Economic Area (EEA) and the European Union, as mentioned in the April 4 press release.
Commenting on the development, Philipp Bohrn, managing director of the company, said: “Our goal is to bridge the gap between the modern and traditional financial world. The payment service provider license will allow us to tear barriers down.”
Formerly known as Coinimal, the company was established in 2014 and, over the years, has become one of the leading crypto buying and selling marketplace in Europe.
“We want to act as the missing link to make digital assets spendable anywhere our users want. With the license, we are a first mover in Europe to offer convenient and innovative features and services,” another MD of Bitpanda and former head of department digitalization and innovation at Austria’s leading banking group Raiffeisen, added.
Building Wealth in Crypto
Last month, Bitpanda introduced a feature called Bitpanda Savings to allow its customers to buy digital assets on a regular basis. The company believes that the feature will help its clients to build wealth with digital assets.
“We are very happy that Bitpanda is one of the few European cryptocurrency fintechs to receive such a license. It’s a big step towards our vision to create an open, innovative investment platform,” said Eric Demuth, CEO of the cryptocurrency company.