Bitpanda, a cryptocurrency exchange based in Vienna, has acquired U.K.-based digital asset custodian Trustology. The financial terms were undisclosed but a source close to the deal said the dollar amount was in the eight figures.
Trustology, which won full registration from the U.K. Financial Conduct Authority (FCA) last October, specializes in decentralized finance (DeFi) and will be rebranded to “Bitpanda Custody.”
Custody refers to the holding and safekeeping of digital assets, and the firms specializing in those technologies have been a key target for crypto mergers and acquisitions. PayPal bought Curv last March and Galaxy Digital bought BitGo last May. Meanwhile, standalone custody firms like Fireblocks are reaching sky-high VC valuations.
Bitpanda became Austria’s first tech unicorn after closing a Series B funding round at $170 million last March; Trustology is the firm’s first acquisition.
Read more: Bitpanda Launches Expansion Drive to Add More Cryptos as Demand Increases
Bitpanda Custody will take custody of Bitpanda’s assets across its retail, institutional and whitelabelling businesses, Biptpanda said in a press release.
“Bitpanda Custody is part of our strategy to offer a fully comprehensive set of services to our client base and we can now combine an FCA-registered, institutional-grade custody solution with a leading trade execution venue,” Joshua Barraclough, the CEO of Bitpanda Pro, said in a press release.
The crypto exchange recently announced plans to ramp up the number of digital assets made available to its roughly 3 million users. Since being founded in 2014, Bitpanda has expanded beyond crypto to offer trading in stocks, precious metals and exchange-traded funds (ETF) through a mobile app.