Bitpanda said the Trustology acquisition would be the first step toward launching its prime brokerage service Bitpanda Pro.

Bitpanda, a Vienna-based crypto exchange platform, has made its maiden acquisition in the form of United Kingdom-based Trustology, a crypto custodian and wallet service provider, for an undisclosed amount.

Bitpanda will rebrand the newly acquired fintech firm to Bitpanda Custody in a bid to start its native crypto custody services focused on institutional investors. The firm plans to begin its newly announced crypto custody services by taking custody of all its assets across its retail and institutional businesses. The firm claimed it would become the largest crypto custodian by doing so.

The crypto platform’s first-ever acquisition comes after a series of fundraising rounds throughout 2021. The crypto exchange platform raised a total of $450 million in multiple funding rounds, giving it a valuation of $4.1 billion, and now the platform looks to expand its services and build a crypto brokerage ecosystem like many other leading crypto platforms.

While the official financial details of the deal weren’t made public, a spokesperson for the company told that it was an eight-figure deal.

The latest acquisition of a firm approved by the U.K. Financial Conduct Authority would help Bitpanda offer digital asset custody services across the U.K. and also help it expand its range of services for existing customers. The exchange platform claimed its maiden acquisition is the first step toward the launch of Bitpanda Pro, its prime brokerage services platform and an over-the-counter trading desk expected to be launched in the near future.

“Through Trustology’s technology, we will be able to offer custody solutions to all of our customers — whether retail or institutional,” Bitpanda founder and CEO Eric Demuth told. He added:

“This acquisition will help us with our growth, expansion and ultimate goal: to create the leading investment platform for everyone in Europe and beyond. We will continue to create synergies between all our different services and products.”

Bitpanda started working toward Bitpanda Pro right after its last funding round of $263 million in August last year when it onboarded a former JPMorgan executive to lead its fully regulated crypto exchange. The firm plans to continue building for its brokerage services throughout 2022.