FCA-regulated Bitpanda Custody joins Bosonic Network

Rick Steves

“Bitpanda Custody is pleased to join the Bosonic working group to help institutional clients reduce end-of-day settlement risk and costs, whilst improving capital efficiency, all backed by an insured, regulated crypto custodian.”

Bitpanda, one of the fastest growing fintechs in Europe, announced that its FCA-regulated Bitpanda Custody has joined the Bosonic Network, a decentralised Financial Market Infrastructure (dFMI).

Joining the decentralized FMI will allow Bitpanda Custody to expand its business and address institutional clients’ need for a UK-based digital asset custodian.

Bitpanda Custody was formerly known as Trustology, an FCA-regulated crypto and DeFi custodian wallet provider acquired by Bitpanda earlier this year. The fintech unicorn’s goal was to offer custodian activities within the United Kingdom and the European Union and become one of the world’s largest custodians.

Bitpanda Custody initially took custody of Bitpanda’s own assets across its retail, institutional, and whitelabelling businesses, which automatically made Bitpanda Custody one of the largest digital assets custody providers globally.

Demand for separate custody provided by regulated or qualified custodians

Rosario Ingargiola, Chief Executive Officer at Bosonic said: “With the growth of the institutional digital assets market, specifically from the family office/wealth, buy-side world, there is significant demand for separate custody provided by regulated or qualified custodians. The need to protect clients’ data and assets is paramount and fundamental to the fiduciary responsibility of these clients. We are delighted to have Bitpanda Custody join the Bosonic Network™ and look forward to helping them service their institutional clients.”

Alex Batlin, Managing Director at Bitpanda Custody, added: “Bitpanda Custody is pleased to join the Bosonic working group to help institutional clients reduce end-of-day settlement risk and costs, whilst improving capital efficiency, all backed by an insured, regulated crypto custodian.”

Bitpanda Custody will also join the ‘Bosonic Cross Custodian Net Settlement (CCNS) Working Group’ as Bosonic prepares to launch the service later this year.

The CCNS working group wants to set a new standard for payment versus payment (PvP) atomic swap settlement and netting across an institutionally aligned and global network of independent custodians, eliminating counterparty credit and settlement risk between these institutional players.

The group features several digital asset custodians, exchanges and banks, including First Digital in Hong Kong, Tetra Trust in Canada and Vast Bank in the United States.

The working group includes a range of institutional custodians from around the world undertaking net settlements and payments for digital assets and fiat via a layer-2 blockchain.

Bosonic’s cross-custodian net settlement platform supports:

  • institutional cross-custodian trading and payments with net settlement calculations and movements,
  • Atomic burn and reallocation of netted quantities on Layer-2 blockchain together with physical movement of residual quantities for digital assets and fiat currencies on Layer-1 Smart Contracts
  • Interoperability with relevant stablecoins for the fiat residuals

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