Austria-based cryptocurrency exchange Bitpanda has announced the launch of a new product called Bitpanda Stocks, enabling users to invest in fractional shares. The new service comes in partnership with BNP Paribas who is providing custody services for the platform.
Austria’s crypto exchange Launches its Stocks Trading
The European cryptocurrency exchange has announced enabling its customers to invest in fractions of stocks and exchange-traded funds (ETFs).
Over the last seven years, Bitpanda has been offering crypto investments alongside precious metals and digital assets. Now, the investment platform has widened its offering beyond crypto towards stock investments.
As a fully regulated derivative product, all the stocks and ETFs will be fully backed by custody bank partners BNP Paribas. Meanwhile, when it comes to being commission-free with tight spreads, the crypto exchange has no service charges and no recurring fees.
On launching Bitpanda Stocks, Eric Demuth, Bitpanda CEO and co-founder said:
“This is a really exciting day for Bitpanda. We founded the company on the idea that everyone would have the same access to the financial world. Investing should be simple, accessible, and available to everyone – and that’s what Bitpanda Stocks is about.”
Investors will now be able to access commission-free derivatives investing in the first beta selection of stocks and ETFs.
Over the next months, hundreds of assets will be added. Based on investors’ demand, the platform will include both stock and the ETF markets, offering access to thousands of brands by the end of this year.
Bitpanda Recently Became Austria’s Latest Unicorn
Customers will also be able to make the best out of the recently launched Bitpanda Card, allowing users to make purchases with any of the assets they hold in their portfolio.
Users can switch the linked asset at any time via its official iOS and Android app. This will allow them to choose whether to make a purchase with a fraction from the stocks of popular brands, Bitcoin or gold.
Recently, the crypto exchange became Austria’s latest unicorn after raising $170 million in Series B funding, giving the company a valuation of $1.2 billion.