The crypto investing app that is located in Vienna has announced that its newest service will let users trade on “short-term” price changes in 30 different commodities. Over the course of the last several months, Bitpanda has been conducting trials of a large number of pilot projects across a variety of asset classes. These projects include themed crypto indexes and exchange-traded notes. However, this business endeavor will be the first of its kind to coincide with consumer demand for anti-inflationary goods.
In the background, Bitpanda is making available a product that is derived from the prices of the underlying commodities. Traders are given the opportunity to speculate on the price of an exchange-traded commodity contract, which follows the price of particular commodities.
Bitpanda is of the opinion that investors looking to diversify their portfolios in an environment characterized by rising inflation throughout the globe and a protracted war between Russia and Ukraine should consider diversifying their holdings into commodities.
Eric Demuth, CEO and co-founder of Bitpanda, issued the following statement:
I’m excited we’ve been able to add commodities to the platform at a time when inflation is biting into people’s savings. Bitpanda customers can now bet against their gas bill and benefit from the short-term price movements of key commodities like oil, natural gas, corn, wheat, and many more.
The announcement comes not long after the Bank of Spain granted Bitpanda permission to operate legally in Spain as a certified virtual asset service provider (VASP).
The fifteenth company to get this license is Bitpanda, which operates as a cryptocurrency platform with headquarters in Vienna and a presence in six countries throughout Europe. Following collaboration with the regulatory body to demonstrate that it satisfies the conditions outlined in the legislation, it was granted authorization to do business within the state.
Bitpanda Background
BitPanda includes more than 30 different cryptocurrencies. The company was established in 2014. The firm claims that it has more than 2.5 million customers on board and has ambitions to grow into real-world assets in order to build up a pan-European service. The expansion has already begun in France, Spain, and Turkey.
Nowadays, Madrid is working to regulate cryptocurrency activity by proposing new laws, including stricter Know Your Customer (KYC) guidelines for transactions using digital currency. The Spanish government has decided to outlaw the use of anonymous cryptocurrency accounts.
