BitPanda receives coveted payment service provider license

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There are many cryptocurrency companies and fintech firms out there that are trying to gain some market share, but the truth is that recognized or licensed by actual regulators. The Viennese crypto firm Bitpanda announced that it has received a license from Austria’s financial regulator, which will undoubtedly help in its overall expansion.

The license that Bitpanda received was the Payment and Services Derivative 2 (PSD2) license from the Financial Market Authority Austria (FSA). The license means a lot for the company because it allows the company to offer its service in various countries both in the European Union (EU) and the European Economic Area (EEA). According to Bitpanda, the license allows traditional banks and fintech companies “to participate in an open European market while bringing new innovations and more efficient processes to their users.”

Many believe that cryptocurrency will be widely used in the European region considering the fact that Brexit still looms over the UK. The idea is that the British pound might prove unstable as a result of all of the ongoing uncertainty surrounding whether the UK leaves the European Union, and that financial institutions might turn to cryptocurrency for some stability.

Bitpanda was formerly known as Coinimal, and was founded in 2014, before many in the mainstream world were even discussing blockchain technology and/or cryptocurrency. Bitpanda has gained traction over the years and now enjoys a user base of over 1 million people. Philipp Bohrn, one of the managing directors of Bitpanda Payments Gmbh, called the latest development a step towards bridging “the gap between the modern and the traditional finance world.”

The CEO of Bitpanda also praised the fact that the company was able to obtain the license. The firm’s CEO, Eric Demuth, stated that it was a “big step” towards the company’s ambitions to “create an open and innovative investment platform.” The company also stated that it would be launching additional features and products thanks to the new license, as well.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.