Crypto platform Bitpanda focuses on banking partnerships and tokenization to enhance global reach prior to IPO intentions.

The Vienna-based cryptocurrency broker is focusing on emerging markets by collaborating with institutions instead of competing with local exchanges, according to Vishal Sacheendran, VP of global markets strategy and operations.

Vishal Sacheendran, Bitpanda’s vice president of global markets strategy and operations (Bitpanda, modified by CoinDesk)

What to know:

• Bitpanda is pursuing global expansion by introducing cryptocurrency infrastructure to banks and institutions, as stated by Vishal Sacheendran, VP of global markets strategy and operations.
• The company has launched Bitpanda Enterprise, a platform that provides crypto infrastructure, custody, and tokenization services for banks and fintech companies.
• Focus areas for expansion include emerging markets in Asia, Latin America, and the Middle East, where regulators are becoming more receptive to cryptocurrency adoption, according to Sacheendran.

Bitpanda, the cryptocurrency broker located in Vienna, Austria, is enhancing a strategy it has been developing discreetly for several years: maintaining its retail operations centered in Europe while growing globally by offering cryptocurrency infrastructure to banks and financial institutions.

The next stage of the company’s growth will prioritize geographic expansion over merely increasing user numbers, as explained by Vishal Sacheendran, vice president of global markets strategy and operations, in an interview with CoinDesk.

"It’s about establishing a presence in more markets," Sacheendran remarked.

This expansion is based on its consistent growth. The firm reported €371 million ($430 million) in adjusted revenue for 2025, marking a 16% increase from the prior year, while its registered user count rose by 25% to 7.4 million, boasting more than 7 million users overall.

The company is also considering a public offering. Bitpanda is reportedly getting ready for a potential IPO on the Frankfurt Stock Exchange as soon as the first half of 2026, aiming for a valuation between EUR 4 billion and EUR 5 billion. This strategy follows the trend of several cryptocurrency exchanges and infrastructure companies that have either gone public or are in the process of doing so.

Bringing crypto to banks

Over the past decade, the exchange has primarily focused on the European Union, where its application enables retail users to trade cryptocurrencies and additional assets. However, outside Europe, Sacheendran indicated that the strategy must adapt. In certain markets—particularly smaller ones or those already dominated by global exchanges—launching a consumer app may not be feasible.

Instead, Bitpanda seeks to collaborate with banks and financial institutions that already have established distribution channels. "We don’t want to compete with exchanges everywhere," he stated. "There’s a significant portion of the market that still has confidence in banks."

The company formalized this strategy earlier in March through the introduction of Bitpanda Enterprise, a new institutional offering that consolidates the firm’s infrastructure for banks, brokers, asset managers, fintechs, and corporate clients.

This unit builds on Bitpanda’s existing B2B operations, formerly known as Bitpanda Technology Solutions, and combines several services into a single platform. These offerings include API-based investment infrastructure for financial brands, institutional-grade custody, trading liquidity, and settlement tools, along with payment solutions for cryptocurrencies and stablecoins. The platform also encompasses token infrastructure for stablecoin issuance and systems tailored to support tokenized assets.

UAE launchpad

An early instance of this model occurred in July when RAKBANK, one of the oldest banks in the United Arab Emirates, initiated cryptocurrency trading for retail clients through a partnership with Bitpanda. Rather than developing its own infrastructure, the bank integrated Bitpanda’s platform.

Sacheendran noted that arrangements like this frequently pave the way for further opportunities. When a prominent bank begins to offer cryptocurrency services, it often prompts others to follow suit. "When a top-tier bank starts offering it, the rest of the market takes notice," he remarked.

Bitpanda’s appeal to institutional partners is significantly influenced by its regulatory standing. The company has been operating under stringent licensing requirements, including the European Union’s MiCA framework, which is widely regarded as one of the most thorough regulatory regimes for cryptocurrencies.

Regulatory moat

This regulatory credibility is valuable, Sacheendran indicated, especially in emerging markets where regulators are still developing their frameworks for digital assets. In many of these areas—such as parts of Asia, Latin America, and the Middle East—authorities are eager to foster the sector but prefer partners who operate within robust compliance structures.

The Asia-Pacific region exemplifies this complexity. The area is "very fragmented," he noted, with varying regulations across jurisdictions like Hong Kong, Singapore, Japan, and South Korea. Bitpanda’s strategy in this region will be methodical: starting small, assessing demand, and scaling where regulatory and commercial conditions are favorable.

On the product side, Bitpanda is considering derivatives trading, although Sacheendran pointed out that regulations vary greatly across jurisdictions. He also anticipates that tokenization will emerge as a more significant theme in the coming years, particularly for assets like bonds, money market funds, and real estate.

These markets could gain from blockchain’s capability to facilitate continuous trading and broader investor access, he stated.

One area where Bitpanda is unlikely to directly engage is stablecoin issuance. "We don’t build a stablecoin," Sacheendran mentioned, emphasizing that the company prefers to offer infrastructure and operational support for institutions looking to launch their own.

Read more: Stricter MiCA rules could thin crypto industry across the EU, says Swiss wealth manager