Bitpanda, one of the most dynamically growing fintech companies in Europe, and Bosonic, a decentralized FMI (Financial Market Infrastructure) business, have partnered to fulfill the growing need for a UK-based digital asset custodian from institutional customers, Coin Journal learned from a press release.
European crypto giant Bitpanda acquired Bitpanda Custody, previously named Trustology, in a multimillion-dollar deal in February this year.
Establishing a new payment standard
As Bosonic prepares to launch the relevant services later in 2022, Bitpanda Custody will become a member of the ‘Bosonic Cross Custodian Net Settlement Working Group,’ a flagship project in the industry.
It will establish a new payment standard versus atomic swap netting and settlement across an international, institutionally aligned, autonomous custodian network.
This will do away with counterparty settlement and credit risk between these institutional bodies. Bosonic CEO Rosario Ingargiola commented:
There is great demand for separate custody provided by regulated or qualified custodians with the growth of the market for institutional digital assets, especially from the family office and buy-side world. It is crucial to be able to protect clients’ data and assets, and it’s fundamental to the fiduciary responsibility of these clients. We are overjoyed that Bitpanda Custody is joining Bosonic and look forward to helping them service their institutional clients.
Bitpanda Custody Managing Director Alex Batlin added:
Bitpanda Custody is delighted to partner with Bosonic to aid institutional clients in reducing settlement risk and costs at the end of the day while improving capital efficiency, all backed by an insured, regulated crypto custodian.
Bosonic is a leading dFMI company with offices in San Francisco, New York, and London, founded in 2016. They provide the top-grade infrastructure that eliminates counterparty settlement and credit risk in digital asset markets.
About Bitpanda Custody
Bitpanda Custody is an insured, FCA-registered, UK-based crypto-asset custodian wallet provider.
Its goal is to make it easier, quicker, and safer for people and institutions to protect and administer crypto assets across blockchains and DeFi protocols.