Bitpanda, a cryptocurrency broker based in Vienna, Austria, is leaning into a strategy it has been quietly building for years. The idea is to anchor the retail business in Europe while expanding globally by providing crypto infrastructure to banks and financial companies.
Vishal Sachendran, vice president of global market strategy and operations, told CoinDesk in an interview that the company’s next phase of growth will focus on geographic reach rather than actual user numbers.
“It’s important to have a footprint in more markets,” Sacheendran said.
Its expansion is built on its steady growth. The company, which boasts more than 7 million users, this week reported adjusted revenue for 2025 of 371 million euros ($430 million), up 16% from a year earlier, with registered users up 25% to 7.4 million.
The company is also considering going public. According to reports, Bitpanda is preparing for an IPO on the Frankfurt Stock Exchange as early as the first half of 2026, with a target valuation of between 4 billion euros and 5 billion euros. The plan comes as several crypto exchanges and infrastructure companies have gone public or are planning to go public.
Bring virtual currency to the bank
The exchange has focused primarily on the European Union for the past decade, and its app allows retail users to trade cryptocurrencies and other assets. But outside of Europe, Sashendran said, the strategy needs to change. In some markets, especially those that are smaller or already dominated by global exchanges, launching a consumer app may not make sense.
Instead, Bitpanda wants to work with banks and financial institutions that already have distribution. “We don’t want to compete with any exchange,” he said. “A large portion of the market still trusts banks.”
The company formalized its approach in early March with the launch of Bitpanda Enterprise, a new institutional offering that packages its infrastructure for banks, brokers, asset managers, fintechs, and corporate clients.
The division builds on Bitpanda’s existing B2B business, formerly known as Bitpanda Technology Solutions, and bundles multiple services into one platform. These include API-based investment infrastructure for financial brands, institutional-grade custody, trade liquidity and payment tools, and payment rails for cryptocurrencies and stablecoins. The platform also includes a token infrastructure for stablecoin issuance and a system designed to support tokenized assets.
UAE launch pad
One of the early examples of this model occurred in July when RAKBANK, one of the oldest financial players in the UAE, launched cryptocurrency trading for retail customers through a partnership with Bitpanda. Instead of building their own infrastructure, banks connected to Bitpanda’s platform.
Sashendran said deals like this often open doors elsewhere. When one large bank introduces encryption services, other banks tend to follow suit. “Once the leading banks start offering this service, the rest of the market will take notice,” he said.
Bitpanda’s pitch to institutional partners relies heavily on its regulatory position. The company has operated under strict licensing requirements, including the European Union’s MiCA framework, which is widely recognized as one of the most comprehensive crypto regulatory regimes.
regulatory moat
Sashendran said regulatory credibility comes through, especially in emerging markets where regulators are still developing their approach to digital assets. In many of these regions, including parts of Asia, Latin America and the Middle East, authorities are keen to develop this area, but are looking for partners who are already operating within a strong compliance framework.
The Asia-Pacific region illustrates its complexity. He said the region is “very fragmented” and jurisdictions such as Hong Kong, Singapore, Japan and South Korea have different rules. Bitpanda’s approach there is gradual. Start small, test demand, and scale up where regulatory and commercial conditions align.
On the product side, Bitpanda evaluates derivatives trading, but Sacheendran pointed out that regulations vary widely between jurisdictions. He also expects tokenization to become a bigger theme in the coming years, especially in assets such as bonds, money market funds, and real estate.
These markets could benefit from blockchain’s ability to enable 24-hour trading and broader investor access, he said.
One area where Bitpanda is unlikely to directly enter is stablecoin issuance. “We are not building a stablecoin,” Sacheendran said, noting that the company hopes to provide infrastructure and operational support to institutions that want to launch their own coins.
Read more: Tighter MiCA rules could dilute crypto industry across EU, says Swiss asset manager
