Bitpanda Has Just Introduced Its New Breakthrough Product to the Public

The world of cryptocurrency has come a long way, with the past few years seeing a magnificent rise in popularity, understanding, and public discourse around it. At the height of its popularity, the global cryptocurrency market was worth over $3 trillion, demonstrating the extent to which it has become an important pillar of our financial fabric.

Despite the large quantities of money invested in crypto, many users are still on the sidelines. There are a number of reasons why user adoption isn’t as high as one would expect, including a lack of public understanding, limited accessibility to platforms where users can trade crypto, and a fear of how a lack of interoperability will affect the future of this industry.

Over the past decade, Bitpanda has successfully remediated these first two problems. Now, with the launch of their Multichain Token Standard, PANDAS, they’re setting out to overcome the final major obstacle to blockchain adoption. Let’s dive into this innovative announcement, demonstrating how Bitpanda’s new product is set to revolutionize the field of cryptocurrency.

Background to Bitpanda

Bitpanda started as a crypto-trading company in 2014 with Eric Demuth, Paul Klanschek and Christian Trummer as co-founders with the goal to help people trust themselves enough to build financial freedom for their future. Since then, it has developed into a leading investment platform used by almost 4 million people across Europe. 

Bitpanda’s user-friendly, trade-everything platform empowers both first-time investors and seasoned experts to invest in the cryptocurrencies, crypto indices, stocks, precious metals and commodities they want — even outside trading hours. New investors can open a free Bitpanda account and start investing in minutes, 24/7, in the digital assets of their choice, with any amount of money, depending on their risk appetite. Bitpanda has always aimed to bring its customers the broadest crypto asset selection in Europe.

The unicorn fintech company is constantly engaging with the European crypto community. The platform has gained a lot of popularity in Europe due to its intuitive app and regulated approach.

To help new users get involved in this exciting industry, Bitpanda also launched the Academy, a high-quality educational platform that promotes financial awareness and provides knowledge about Bitcoin, blockchain and cryptocurrency for everyone, for free. 

Within this Bitpanda Academy, readers are able to tune into modules at their leisure, each of which walks through essential blockchain basics and concepts. Over time, this allows even a novice to turn themselves into a cryptocurrency pro, further helping to dismantle the barrier to crypto adoption. 

Since it was founded, the Bitpanda Group has made regulatory compliance a top priority. It diligently follows European law and regulation. In addition to being licensed to hold and trade cryptocurrencies for its own account, the Bitpanda Group is also registered with the Austrian Financial Market Authority (FMA), the French Autorité Des Marchés Financiers (AMF), the Czech Trade Authority as VASP, holds the PSD2 license, the MiFID II license and became Austria’s first Electronic Money Institution (EMI) in accordance with European law (EMD2), plus has a fully AML5 compliant KYC process. 

It has also received its Crypto Custody and Proprietary Trading license for crypto assets from the German Federal Financial Supervisory Authority (BaFin) which makes it the first European retail investment platform to meet BaFin’s strict regulatory requirements. Furthermore Bitpanda became the first foreign crypto provider to become fully licensed in Sweden, and also secured registration with the Italian Virtual Asset Services Provider (VASP) and the Bank of Spain. Through Bitpanda Custody, a crypto asset custody provider registered with the FCA, the Group is also able to provide custody services in the United Kingdom in addition to Bitpanda’s existing licenses and registrations in the European Union. 

Since it was founded, Bitpanda has made regulatory compliance a top priority. The company has been able to obtain licenses in Austria, France, Italy, Spain, Czech Republic and even Germany. Making it one of the most regulated and trusted platforms in Europe.

The Launch of Pantos

Pantos has been in development since 2018, only being released in public beta stage in February of 2023. At its core, Pantos is a multichain protocol that allows developers and users to achieve a number of interoperable feats.

Most notably, developers are able to do the following with Pantos:

Send Tokens – Users and developers can send tokens across distinct blockchain environments, radically increasing the interoperability and flexibility of these ecosystems.
Wrap Native Coins of Supported Chains – Users can wrap the native cryptocurrency of a number of the world’s most popular blockchain networks.
Create Multichain Tokens – Developers are able to create multichain tokens and distribute them, allowing the free movement of the token across chains in a decentralized and trustless manner.

At present, Pantos supports seven major blockchains on their public testnet. Amongst these are huge names like Ethereum, Polygon, BNB, and Avalanche, amongst others. And, they’re far from finished with plans for incorporating even more chains, both EVM and non-EVM compatible.

Pantos acts as a foundational layer that seamlessly facilitates the flow of information and value, paving the way for true interoperability. Within the DeFi space, when new applications don’t have to rely on a singular chain, they are suddenly able to take advantage of the unique functionalities of numerous other chains.

Unconstrained by the limitations of a chosen blockchain, Pantos enables a completely fluid operation. For developers, Pantos provides a system that expands the available infrastructure. With sophisticated smart contracts that link chains together, the possibilities are truly endless.

What’s more, from a user perspective, the ability to move assets across chains ensures their longevity. Despite the success of an individual chain, users can move at will, creating a seamless system that gives them more choices and access to DeFi. In many ways, what Pantos proposes will push DeFi closer than ever before to a multichain future. One that, it could be said, resembles the very best elements of CeFi that DeFi had previously lacked. 

Final Thoughts

Bitpanda was already one of the leading figures in the blockchain industry. With over 4 million users and thousands of tradable assets, it has become synonymous with top-quality exchange platforms. Yet, their recent release of the Pantos public beta has sent further shockwaves through the cryptocurrency community.

Offering a unique solution that allows developers to overcome the interoperability problem within blockchain, this service could be the future of digital asset development and trading. Without being constrained to host assets on a singular network, users can seamlessly move across multiple blockchain networks at once, radically improving the flexibility of blockchain systems.

Pantos, by all guesses, is a huge step toward the future of multichain interoperability for all blockchain ecosystems. 

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