Coinbase and Bitpanda have announced a strategic partnership to offer crypto solutions to European banks and fintechs.
Coinbase, the largest U.S. crypto exchange, has teamed up with Bitpanda, a notable Austrian crypto platform, to provide crypto services to European financial institutions.
The partnership disclosed on Tuesday will enable banks and fintech in Europe to access crypto products and services via Bitpanda’s business-to-business (B2B) infrastructure layer.
According to a press release, Coinbase will use Bitpanda’s B2B solution to connect with European clients who want to offer crypto products to their customers.
Bitpanda will benefit from Coinbase’s liquidity and custody, supporting its operations and growth. Coinbase will also become one of the primary liquidity providers for Bitpanda’s network.
Bitpanda is a regulated crypto broker that operates in 70 countries and has over 4 million users.
The company has already established crypto partnerships with several European banks, neo-banks, and fintech platforms, such as Raiffeisenlandesbank, N26, Lydia, Plum, and Hype.
Lukas Enzersdorfer-Konrad, the CEO of Bitpanda, stated that the partnership with Coinbase will allow the U.S. exchange to leverage Bitpanda’s services to create an infrastructure middle layer and expand its user base in Europe.
He added that both exchanges share the vision of bringing crypto to the mainstream and complying with the highest KYC standards.
Coinbase’s European expansion coincides with the approval of the Markets in Crypto-Assets (MiCA) regulatory framework by the European Parliament last week.
The framework aims to create a unified set of rules for crypto assets across the EU and foster innovation and competition in the sector.
Coinbase also seeks to expand its presence outside of the U.S., where it faces regulatory scrutiny and challenges from competitors.
The company recently launched its services in Japan and plans to enter other Asian markets soon.