Vienna-based crypto broker Bitpanda is charting a global expansion strategy built around partnerships with traditional banks and tokenization initiatives, positioning itself as an infrastructure provider rather than a direct competitor to local exchanges.
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The company, which is also preparing for a potential initial public offering, is targeting emerging markets as its next growth frontier, according to a report from CoinDesk.
Vishal Sacheendran, Bitpanda's VP of global markets strategy and operations, outlined the approach in an interview, emphasizing that the company sees more opportunity in teaming up with institutions than in going head-to-head with entrenched local platforms.
The strategy reflects a broader shift in how crypto-native firms are thinking about international growth — less about brand-building with retail users and more about embedding crypto infrastructure into existing financial rails.
A Bank-First Expansion Playbook
Bitpanda's approach hinges on a simple premise: rather than spending heavily to acquire retail customers in new markets, it can white-label its technology to banks and financial institutions that already have those customer relationships. This model allows Bitpanda to scale without the regulatory and marketing overhead that comes with launching a consumer-facing exchange in each new jurisdiction.
The company has already built out this playbook in Europe, where it holds a MiCA-compliant license and has established partnerships with several traditional financial institutions. Bitpanda Technology Solutions, the firm's B2B arm, enables banks to offer crypto trading, custody, and investment products under their own brand — powered by Bitpanda's backend infrastructure.
By extending this model to emerging markets, Bitpanda is betting that local banks in regions across Asia, the Middle East, and Latin America will want to offer digital asset services to their customers but lack the technical capability or regulatory expertise to build those systems in-house. Bitpanda aims to be the plug-and-play solution.
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Tokenization as a Growth Vector
Alongside its bank partnership strategy, Bitpanda is leaning into tokenization — the process of representing real-world assets such as equities, commodities, and bonds as digital tokens on a blockchain. The company already offers fractional trading of stocks and ETFs through tokenized instruments on its platform, and it sees this as a key differentiator as it courts institutional partners.
Tokenization has become one of the most discussed themes in institutional crypto. Major players including BlackRock, JPMorgan, and Franklin Templeton have all launched tokenized fund products in recent years, and the total market for tokenized real-world assets has grown significantly. For Bitpanda, offering tokenization capabilities to partner banks could unlock new revenue streams beyond pure crypto trading.
The logic is straightforward: banks that integrate Bitpanda's technology could offer their customers access not only to Bitcoin and Ethereum but also to tokenized versions of traditional financial products — all within a single, regulated interface. This blurs the line between crypto and traditional finance in a way that may appeal to institutions wary of being seen as "crypto companies" but eager to modernize their product offerings.
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IPO on the Horizon
Bitpanda's expansion push comes as the company prepares for a potential IPO. While specific timing and listing venue details have not been publicly confirmed, the company has signaled its intentions to go public, joining a growing list of crypto firms exploring public market listings in 2026.
The IPO landscape for crypto companies has evolved considerably. Coinbase, which went public via a direct listing on Nasdaq in 2021, remains the most prominent publicly traded crypto exchange. More recently, firms like Circle and Kraken have also explored public offerings, reflecting increased investor appetite for regulated crypto businesses with diversified revenue models.
For Bitpanda, the bank partnership and tokenization strategy may serve a dual purpose: driving revenue growth while also building the kind of institutional, recurring-revenue business model that public market investors tend to value more highly than pure retail trading volumes, which can be volatile and cyclical.
Emerging Markets in Focus
The decision to target emerging markets is notable. Many of these regions have rapidly growing crypto adoption rates but fragmented regulatory environments and limited institutional infrastructure. According to data from Chainalysis, several countries in Southeast Asia, Sub-Saharan Africa, and Latin America consistently rank among the top markets for crypto adoption relative to population size.
Sacheendran's comments suggest Bitpanda views these markets as underserved by institutional-grade crypto infrastructure. Local exchanges may dominate retail trading, but the tools for banks and financial institutions to integrate digital assets into their existing product suites remain limited. Bitpanda is positioning itself to fill that gap.
The strategy centers on teaming up with institutions rather than competing with local exchanges, according to Sacheendran.
This approach also carries risks. Emerging markets often present challenges around regulatory uncertainty, currency controls, and varying levels of banking infrastructure. Bitpanda will need to navigate a patchwork of local regulations while maintaining the compliance standards expected of a company preparing for a public listing.
What to Watch
Several factors will determine whether Bitpanda's strategy gains traction. Key milestones to monitor include the announcement of specific bank partnerships in emerging markets, further details on IPO timing and listing venue, and the competitive landscape as other crypto infrastructure providers — including Fireblocks, Copper, and Seba Bank — pursue similar institutional plays.
The broader question is whether the white-label, infrastructure-first model can scale across diverse regulatory environments as effectively as it has in Europe. If Bitpanda can demonstrate that it can, the company could emerge as one of the more significant crypto infrastructure businesses globally — and a compelling candidate for public markets.
