European crypto platform and infrastructure provider Bitpanda has announced plans to expand to the Middle East, with the launch of Bitpanda MENA.
In a statement, the firm said it has chosen the UAE for its first expansion outside of Europe due to its tech-friendly banking industry, rapid retail adoption, and the country’s innovative regulatory environment
Its initial focus will be on partnering with local institutions, enabling banks, fintechs, (neo-)brokers and crypto-native companies in the region to launch their own trading solutions via Bitpanda Technology Solutions (BTS). Activity in this area is expected to commence once Bitpanda MENA has obtained its local licence later this year.
Eric Demuth, co-founder and CEO of Bitpanda said: “Over the last year we’ve seen a huge increase in demand for access to digital assets and a general maturation of the industry. Through Bitpanda Technology Solutions we will provide the region with the trading infrastructure it needs to meet the ambitions of its investors.”
He added: “The UAE is the ideal place for us to make our entry to the Middle Eastern market. It has the perfect mix of investor demand and innovative regulatory environment that will allow us to deliver the best trading solution available on the market.”
BTS allows its partners to integrate a modular and scaled 24/7 trading infrastructure and offer trading, investing and custody services across every asset class in a modular way. Partners can build their own user experiences with access to features such as savings plans, asset-to-asset swaps and crypto staking functionality, Bitpanda said.
Bitpanda MENA will open its first office in Dubai at the DMCC Crypto Centre and has already appointed an experienced team led by Walid Benothman to tailor its offering to the local market. Bitpanda is in the final stages of obtaining its FSP and has said it will continue to work with local regulators to ensure a fully compliant product offering.
