Bitpanda Custody has announced a partnership with stablecoin issuing platform Stasis.
Thanks to this partnership Bitpanda Custody will be able to offer support for the most important euro-based stablecoin, namely EURS (Stasis Euro). So tokens issued by Stasis will be available on Bitpanda Custody.
Bitpanda Custody adds EURS (Stasis Euro) stablecoin
Stasis is a crypto platform that hosts solutions provided by licensed financial intermediaries to offer an institutional-level link between the world of decentralized finance and the off-chain market.
The company was founded in 2018, and has since operated as a transparent and institution-friendly crypto platform in the European blockchain ecosystem, thanks to authorized financial intermediaries and distributed ledger technology.
Its euro-anchored stablecoin is EURS, which is 100% collateralized in euros. Indeed, it is the world’s leading euro-based stablecoin.
The Stasis native wallet is fully integrated into the Single Euro Payments Area (SEPA) payments system, and offers regulated financial institutions a new gateway to the world of cryptocurrencies in both business-to-business (B2B) and business-to-consumer (B2C) markets.
EURS is not only the largest stablecoin pegged to the second most traded currency in the world, but also ranks within the top 10 of all stablecoins globally.
The Bitpanda Custody service
Bitpanda Custody is the custody service of the European exchange BitPanda.
It is a service designed to meet the needs of companies and institutions that want to safeguard their digital assets, and it offers security measures at multiple levels.
In fact, it provides cold storage, encrypted communications, two-factor authentication and regular security checks.
Monitoring is performed 24/7 by the in-house security team, which monitors any suspicious activity or potential threats. The goal is to detect any security breaches promptly, minimizing the risk of loss.
Bitpanda Custody also provides funds custody insurance that allows, in the event of a security breach, the ability to recover funds up to a certain amount.
The platform also allows deposits and withdrawals at any time and from anywhere in the world.
Bitpanda Custody is a depository wallet provider registered with the UK FCA, and is also prepared for DeFi, institutional investors, service providers, token issuers, and corporate treasuries.
The partnership
The EURS stablecoin was chosen by Bitpanda Custody due to the fact that it is gaining the trust of users as well as regulated institutions and crypto platforms.
According to Stasis and Bitpanda, the Web3 era should be decentralized to allow more users to self-manage finances and take advantage of advanced financial technologies in the most profitable and beneficial ways.
EURS is already available on some of the major crypto exchanges, such as Bitfinex and HitBTC, as well as on some DeFi protocols such as Curve.
Since Bitpanda is a European exchange, the addition of EURS to Bitpanda Custody suggests that sooner or later euro-based stablecoin may be added to this exchange as well.
US dollar-based stablecoins are still hugely the most widely used, but there are now only four major ones: USDT, USDC, DAI and TUSD, while BUSD is in decline, and others such as USDP USDD and GUSD have never really broken through.
To be fair, even in the euro zone the most widely used are the four major dollar stablecoins, but slowly EURS is carving out its own niche of use.
Of course, it is possible to redeem EURS in euros at any time thanks to the Stasis Sellback service.
Source: https://en.cryptonomist.ch/2023/05/28/bitpanda-custody-has-added-eurs/