Bitpanda has recruited an experienced name to manage its operations in the region. Walid Benothman, who previously served as head of business development and growth at 1inch Network, will take a leadership position in the new office to be opened in Dubai.

According to the official statement made by the company, Bitpanda will open its first Middle East office at the Dubai Multi Commodities Center (DMCC) Crypto Hub. Aiming to offer special services to the local market, Bitpanda has brought together an experienced team under the leadership of Benothman.

Bitpanda stated that it is currently in the final stages of obtaining a Financial Services Permit (FSP). The company aims to operate in a fully compliant manner in the Middle East market by working closely with regulators in the region.

Eric Demuth, co-founder and CEO of Bitpanda, explained his reasons for choosing the UAE in the press release: “The UAE is an ideal place to enter the Middle East market. It has the perfect blend of investor demand and an innovative regulatory environment. This environment Thanks to this, we can offer the best trading solutions on the market.”

This move by Bitpanda is not only its first major investment outside Europe, but also demonstrates the company’s claim in the global cryptocurrency market. The UAE’s technology-friendly banking sector and positive regulatory environment towards crypto played an important role in Bitpanda choosing this region.

Bitpanda will not only offer cryptocurrency trading with the opening of the office in Dubai. The company also plans to launch its transaction infrastructure service called Bitpanda Technology Solutions (BTS) within three months. The launch of this service will occur as Bitpanda MENA obtains its local license.

Bitpanda’s technological infrastructure has also achieved previous successes. In early 2024, the Austrian cooperative bank Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) offered its customers the opportunity to trade digital assets through bank applications using the Bitpanda infrastructure.

In April, German federal bank Landesbank Baden-Württemberg established a crypto partnership with Bitpanda to provide crypto asset custody services in the second half of 2024. Over the next few months, Bitpanda, together with the German bank, aims to offer institutional clients a regulated platform that uses its “as an investment service” infrastructure for the custody and supply of crypto assets.

Founded in Austria in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer, Bitpanda made a name for itself by reaching “unicorn” status in 2021. This status is used for startups valued at over $1 billion.

Austrian-based crypto exchange Bitpanda’s expansion into the Middle East is an indicator of the activity in the global cryptocurrency market. This move also reveals the growing appetite of traditional financial institutions to participate in the cryptocurrency ecosystem. Bitpanda’s success will depend on whether it can meet the expectations of cryptocurrency investors in the Middle East. The company appears to have a good chance of succeeding in this market by working closely with regulatory authorities in the region and providing services tailored to the needs of local investors.