Making cryptocurrencies more convenient to use remains a crucial challenge in 2019. Despite several initiatives being underway, it is evident that a lot more needs to be done in the weeks and months to come. Bitpanda has come up with a new service, although the business model in question is not entirely new to this industry whatsoever.
Bitpanda Pay has Arrived
In the cryptocurrency space, there are many ways to spend Bitcoin and altcoins on goods and services. The one thing that could get more people interested in using these currencies is when they can start paying their real-life bills. Several initiatives have been launched over the years that make this possible, albeit there is always room for more competitors. This is especially true where the European Union is concerned, as it doesn’t appear to get much attention in the cryptocurrency industry as of late.
Known as Bitpanda Pay, this service suits a very simple yet direly needed purpose. Users can send their cryptocurrency to any IBAN in the European Union. All one has to do is own a Bitpanda account and transfer the funds there. It requires some degree of trust between the user and the company, but that is to be expected in this day and age. The firm takes care of all the conversion aspects and ensures the funds arrive where they are supposed to get to.
More Assets to Come
As is usually the case when services like these launch, the company cannot support every cryptocurrency, asset, and token on the market from day one. The cryptocurrency industry continues to grow and evolve every single day, and new offerings tend to come to market on a nearly daily basis. As such, Bitpanda has confirmed the top asset son the markets will be supported right now, with more assets to be supported in the near future.
It remains a bit unclear what the company has in mind exactly for the other cryptocurrencies, assets, and tokens on the market. Supporting Bitcoin and Ethereum makes the most sense, simply because they are the most liquid offerings on the market. Additionally, Bitpanda supports XRP, IOTA, and a fair few other top altcoins as well. It seems logical to assume they will effectively enable support for all those assets in the future, but nothing has been officially confirmed at this time.
A Fully Licensed Service
In the cryptocurrency space, there are a lot of services that may not necessarily be licensed or regulated in an official capacity. Bitpanda has taken care of this aspect, as their new service is part of the Bitpanda Payments umbrella. It is a licensed subsidiary of Bitpanda, and complies with European Regulation PSD 2. As such, this service is completely legitimate, at least as far as European Union-oriented ventures are concerned. For the time being, there is no indication of a similar service will be offered to other regions in the future.