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Bitpanda launches institutional crypto platform with cold storage

Austrian fintech unicorn Bitpanda is launching an institutional-grade cryptocurrency trading platform in response to the growing demand for institutional crypto services in Europe.

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Austrian fintech unicorn Bitpanda is launching an institutional-grade cryptocurrency trading platform in response to the growing demand for institutional crypto services in Europe.

Bitpanda, a major cryptocurrency broker founded in 2014, has launched Bitpanda Wealth, a new service targeting high-net-worth individuals, family offices, external asset managers and corporate treasuries.

Announcing the news on Jan. 30, Bitpanda said that the new institutional platform was built using the same infrastructure that several major European banks trusted. Bitpanda Wealth offers a suite of services to facilitate crypto investment, management and reporting services, also featuring leverage products, exchange-traded funds, commodities and other assets.

“There’s a notable interest in this area, yet it lacks adequate solutions,” Demuth said, adding that Bitpanda has engaged with “numerous private banks and affluent clients who have expressed a need for a distinct service.”

The new institutional platform uses Bitpanda’s proprietary custody solution known as Bitpanda Custody, which applies cold storage to keep its clients’ assets safe, the CEO noted. Registered with the United Kingdom’s Financial Conduct Authority, Bitpanda Custody offers segregated wallets for institutional investors, service providers, token issuers and corporate treasuries.

Cold storage, also known as a cold wallet, is one of the securest ways to store the private keys that enable access to crypto holdings. Unlike online hot wallets, which are often used by crypto trading platforms, cold wallets are disconnected from the internet, significantly reducing the chances of security breaches and hacks.

Bitpanda Wealth isn’t the first institutions-focused platform launched by Bitpanda; the firm previously launched Bitpanda Pro, a brokerage services platform and an over-the-counter trading desk, in 2019. In 2021, Bitpanda Pro rebranded as One Trading after securing a 30-million-euro Series A round.

A major crypto firm in Europe, Bitpanda has been actively working with local regulators to secure the necessary licenses to provide its services. In October 2023, Bitpanda received a virtual assert service provider license in Norway. The firm also holds licenses in other European jurisdictions, such as Austria, Germany, France, Czechia and Sweden.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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