Bitpanda, a leading Viennese blockchain firm concerned with the sale and purchase of cryptocurrencies like Bitcoin and Ethereum has made headlines in the latest cryptocurrency news for being granted a payment service license from the Austrian Financial Market Authority (FMA), as confirmed by the Bitpanda blog on April 4.
Bitpanda is one among the highly trusted blockchain firms based in Austria which mainly serves the European crypto market. Founded in the year 2014, this blockchain firm has developed into one of the most popular cryptocurrency exchange firms in Europe dealing with Bitcoin.
Its popularity also soared because of the wide range of payment options it provides and its reliability. However, until now, Bitpanda was not licensed by any reputable regulatory authority.
As reported, Bitpanda, to further strengthen its reliability in the blockchain market, applied for a payment service provider license which was duly granted by the Austrian FMA. The license provided is in accordance with PSD2, the European Union’s Payment Services Directive 2.
This directive, which came into force in January 2018, provided new rules for payment service providers both in the banking and the blockchain sectors. Its power holds in the European Union and European Economic Area.
On the procurement of the license, Philipp Bohrn, the managing director of Bitpanda Payments GmbH commented that the “goal of Bitpanda is to bridge the gap between the modern and traditional financial world.” He further added that the “barriers would be torn down by the payment service provider license.” Bitpanda CEO Eric Demuth also expressed his happiness over the recent development saying that “it is a big step towards Bitpanda’s vision of creating an open innovative investment platform.”