Schoenherr advised the Austrian fintech Bitpanda on the expansion of its product portfolio to include exchange traded cryptocurrencies. This product provides investors with easy access to crypto assets via a liquid financial instrument traded on a regulated exchange.
Under its German-law-governed exchange traded notes issuance programme, approved by German BaFin, Bitpanda Issuance GmbH, an issuance SPV of Bitpanda GmbH, will be able to issue a variety of notes backed by a single crypto asset or by a basket of crypto assets. Bitpanda Bitcoin ETC, the first product launched under this programme, is physically backed by Bitcoin, which is securely held at a regulated custodian bank. Bitpanda Bitcoin ETC will initially be traded on the German stock exchange platform XETRA but is expected to be listed on other EEA exchanges in the course of the year. Schoenherr advised Bitpanda alongside White & Case LLP Frankfurt on all aspects of the structuring and implementation of this transaction, including drafting, approval, notification and filing of the base prospectus. “We congratulate Bitpanda on yet another landmark product launch despite challenging market conditions, and wish them continued success with this innovative product,” said Ursula Rath and Christoph Moser, who are co-heading Schoenherr’s capital market practice. Bitpanda was founded in 2014 as a crypto trading company and is a leading European neobroker recently having become a unicorn on a mission to democratise the complex world of investing. It serves more than three million users, making it one of the fastest growing fintechs in Europe. The group employs over 600 team members in offices in Vienna, Barcelona, Berlin, Krakow, London, Madrid, Milan and Paris. The Schoenherr team advising Bitpanda was led by Ursula Rath (partner) and Christoph Moser (partner), and further consisted of Matthias Pressler (counsel) and Marco Thorbauer (attorney at law). The White & Case team was led by Karsten Wöckener (partner) and supported by associates Daniel Sander and Claire-Marie Mallad.