Advising leading crypto fintech Trustology on its exit to European unicorn Bitpanda

We have advised Trustology, a leading custodial wallet platform for cryptoassets, on its exit to Vienna-based unicorn Bitpanda. As a result, the FCA registered Trustology will be rebranded as Bitpanda Custody with the clear focus on offering a secure, sophisticated and compliant, institutional-grade crypto custody platform for all customers. 

Bitpanda Custody will initially take custody of Bitpanda’s own assets across its retail, institutional and whitelabelling businesses, which will make Bitpanda Custody one of the largest digital assets custody providers globally.

Bitpanda Custody will be able to perform custodian services in the UK alongside Bitpanda’s existing licences in the European Union, while significantly expanding the range of services provided to customers and partners. The introduction of Bitpanda Custody is the first step in launching a Prime Brokerage offering under Bitpanda Pro to go alongside the regulated digital asset exchange.

We have partnered with Trustology since its incorporation in 2018 and throughout the full lifecycle of the business.

Commenting on the transaction, corporate partner Howard Palmer said: "We have unparalleled expertise in providing guidance to tech companies throughout their entire lifecycle. It has been a pleasure working with Alex and the Trustology team over the years and we congratulate them on this outstanding achievement as they exit to Bitpanda. This will further enhance the impact of their unmatched technology supporting private and institutional clients in safeguarding and administering cryptoassets.''

Alex Batlin, founder and CEO of Trustology, added: "Trustology has experienced significant growth and this acquisition will further enable us to provide yet more innovative technology and services to our customers making it safer, faster and easier to manage, create or find value in crypto markets. We are extremely grateful to Howard, Ed and the entire Taylor Wessing team for being our trusted partners from the very start of the business right through to exit. Their market-leading advice, deep sector expertise and strategic input have been invaluable to us. This team is first-class."

The transaction was led by partner Howard Palmer and senior associate Ed Chapman, with support from associate Emily Townsend and trainee Ellie Goonetillake in Corporate Technology. 

Additional support was provided by partner Paul Callaghan, consultant Fiona Morgan and associate Millie Kempley (Employment), partner Charlotte Hill and associate Katie Fry-Paul (Financial Services Regulatory), partner Mark Owen and senior associate Xuyang Zhu (IP & Media), and partners Ann Casey and Graham Samuel-Gibbon, senior associate Katie Lewis and associate Michael Akpomiemie (Tax & Incentives).