IG Partners With Bitpanda to Expand Crypto Business Across Europe
Summary
- UK online investment platform IG Group said it will expand its European crypto business through a partnership with cryptocurrency exchange Bitpanda.
- Bitpanda will provide liquidity, trading connectivity and market data, with its Markets in Crypto-Assets (MiCA) license serving as a key reason for the partnership.
- IG introduced cryptocurrency trading services in the UK last year and is set to use the new partnership to expand those services across Europe.
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IG Group, the UK online investment platform, is partnering with Austria-based cryptocurrency exchange Bitpanda to expand its crypto business in Europe.
Citing a May 21 announcement from IG, CoinDesk reported that the company will broaden its cryptocurrency trading services in Europe through the partnership. Bitpanda will provide IG with liquidity, trading connectivity and market data. The companies did not disclose when the expanded service will launch.
IG introduced cryptocurrency trading services in the UK last year. The Bitpanda partnership provides a foundation for the company to extend those services across Europe.
A key driver of the deal is Bitpanda's Markets in Crypto-Assets, or MiCA, license. Crypto firms need a MiCA license to operate in the European Union. Bitpanda has secured MiCA licenses in Germany and Malta.
IG was among the firms that introduced financial spread betting to the UK in the early 1970s. It now offers trading in assets including stocks, foreign exchange, commodities and derivatives. The company has about 1.3 million customers.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
