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

Read this next

blockdag

Groundbreaking Innovations in BlockDAG’s Keynote 2 Drive Over 1120% Increase; Toncoin & Celestia Prices Rise

Explore BlockDAG’s Keynote 2, detailing the cutting-edge technical advancements that led to a significant presale boom. Discover how these innovations have driven BlockDAG’s success, and get the latest updates on Celestia and Toncoin prices.

blockdag

BlockDAG X1 Beta App Pioneers in Crypto Mining Amidst Ethereum vs Solana Rivalry and XRP Price Increase

Dive into the details of BlockDAG’s X1 beta app’s global tech presence in Shibuya, Las Vegas, and Piccadilly Circus and its pre-sale triumph during a spike in Ethereum, Solana, and XRP values.

blockdag

BlockDAG Hits $50.4M with Active Dev Release & Community Engagement; Binance Coin Price Drops and JasmyCoin Rallies

Explore how BlockDAG bolsters its reputation through a steady stream of Development releases. Get insights on Binance Coin price trends and the recent Jasmy Coin rally.

Crypto Insider

5 Upcoming Crypto for 10x Gains: How $1000 Can Become $10,000

Consider a situation where a $1000 investment may grow to a whopping $10,000. Astute Bitcoin investors have experienced this as a reality rather than a fantasy.

Retail FX

Weekly Roundup: eToro links up with Elon Musk, US crackdown on Russian FX

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

Must-Watch Top 5 Crypto Picks for Q2 2024 Featuring BlockDAG, Toncoin, Solana and More

Dive into BlockDAG’s meteoric rise and explore other promising altcoins like Pepe, Toncoin, Solana, and Render for superior returns.

Retail FX

Clone of Admiral Markets draws FCA attention

The United Kingdom’s financial markets watchdog today unmasked another fraudulent entity, this time bringing to light a clone firm that has been posing as FCA-‎authorised brand, Admiral Markets UK Ltd.

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

<