Vienna's cryptocurrency company – Bitpanda – reportedly become able to provide payment services once it obtained corresponding approval by the financial regulator in Austria.
The company wrote in the blog post:
"We are very excited to announce that we successfully applied and received a payment service provider license."
The document was granted by the Austrian Financial Authority (FMB) in line with the Payment Services Directive 2 (PSD2) effective in the EU now, according to the report.
For now, Bitpanda has joined the few players in European crypto industry that become able to expand its service portfolio with innovative products. The company's main goal to unite "the old with the new financial world" is getting more real with the approval since Bitpanda can now boost its business model thanks to the license. For reference, Bitpanda also runs a retail crypto brokerage platform.
“Our goal is to bridge the gap between the modern and traditional financial world. The payment service provider license will allow us to tear barriers down,’’ says Philipp Bohrn, one of the two managing directors of Bitpanda Payments GmbH.
The EU adopted the Payment Services Directive 2 in Januar 2018. The rule is designed to be a regulation for the payment services providers in the EU and EEA. In fact, the concept of PSD2 is to enable everyone in the market (from traditional banks to fintech players) to enter an open European market as well as make all processes more effective.
"We are very happy that Bitpanda is one of the few European cryptocurrency fintechs to receive such a license. It’s a big step towards our vision to create an open, innovative investment platform," says Bitpanda CEO Eric Demuth.