Bitpanda enters Norwegian market, two years after Binance exit
Austria-based cryptocurrency exchange Bitpanda gained a notable edge in the European space by securing a virtual asset service provider license in Norway.
Already boasting licenses in several European territories like Austria, Germany, and France, Bitpanda’s most recent registration in Norway reflects the company’s ongoing expansion. Deputy CEO, Lukas Enzersdorfer-Konrad, views this as a significant stride for the firm’s footprint across the continent.
Norway, even though not an EU member, has consistently shown interest in cryptocurrency and its underlying technologies. Prominent Norwegian bank, DNB ASA, has partnered with the IOTA Foundation, exploring the benefits of distributed ledger technology. And, bolstering Norway’s crypto clout is Kryptovault, one of the world’s grandest Bitcoin mining farms situated in the country.
Notably, Norway seemed to contemplate a more independent route in terms of crypto regulations. The nation’s central bank raised eyebrows with its annual report’s assertion that the impending EU-wide Markets in Crypto-Assets (MiCA) regulation might not fully address all crypto-related regulatory needs.
However, as Bitpanda celebrates its Norwegian inroads, it’s a rocky road for some of its peers. Crypto giant Binance retreated from the country in 2021, hinting at regulatory challenges as the reason for its exit.
“It is obvious that we in Europe need an investment platform that we can trust. At Bitpanda, we have set out to be that platform. Over the last 12 months, we have been the only European provider to receive licenses in Germany, Sweden and Norway. We now have more than 4 million users and enable Europe’s leading financial institutions and neobanks to offer digital assets,” said Enzersdorfer-Konrad.
Earlier in June, Bitpanda divided into two separate companies. The company’s cryptocurrency exchange, Bitpanda Pro, has become an independent entity known as One Trading.
By splitting into two distinct companies, Bitpanda aims to further focus on the development and growth of its cryptocurrency exchange, Bitpanda Pro. This strategic move, accompanied by decent funding, is said to upgrade the capabilities and offerings of One Trading in the cryptocurrency market.
By isolating itself, Bitpanda can navigate regulatory requirements more easily compared to One Trading, which intends to offer derivatives. Bitpanda Pro has primarily maintained a passive role in the crypto exchange arena. Nevertheless, despite the challenges, One Trading’s goal is to establish itself as a utility for liquidity providers, facilitating the exchange of substantial amounts of risk without limitations.
Behind the scene, the platform is offering a derivative product based on the underlying commodity prices. In essence, it allows traders to bet on an exchange-traded commodity (ETC) contract that tracks the price of individual commodities.