The cryptocurrency exchange Bitpanda has decided not to pursue a public listing in London, citing insufficient liquidity on the London Stock Exchange (LSE) as the main reason for this decision.
The co-founder of the Vienna-based cryptocurrency exchange, Eric Demuth, stated in an interview with the Financial Times that Bitpanda is actively evaluating plans for a public listing, "but not in London." Instead, the company is considering listings in Frankfurt or New York, although no specific timeline has been set.
"Currently, the LSE's liquidity performance is poor," Demuth said in the Financial Times interview. "I hope it will improve in the future, but I think the LSE will face some difficulties in the coming years."
Demuth pointed out that several companies, including the UK fintech firm Wise, have already moved or are in the process of moving their primary listing overseas to attract more investors.
Cointelegraph reached out to Bitpanda for comment, but had not received a response by the time of publication.
The UK is experiencing one of the worst IPO droughts in decades. According to market data cited by the Financial Times, IPO financing in London fell to a 30-year low in the first half of this year, raising concerns about its competitiveness with other global financial centers.
The UK's cryptocurrency policy has also faced criticism. In June of this year, analysts from the independent think tank Official Monetary and Financial Institutions Forum (OMFIF) pointed out that the UK has wasted its first-mover advantage in the field of distributed ledger technology.
Coinbase released a satirical video mocking the current state of the UK economy, contrasting optimistic lyrics of "everything is fine" with images of poverty, inflation, debt, and decaying infrastructure.
As Bitpanda abandons London, an increasing number of cryptocurrency companies are choosing to seek growth in the US capital markets. Earlier this month, the cryptocurrency exchange Gemini Space Station, founded by Cameron and Tyler Winklevoss, submitted an application to the US Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
Other cryptocurrency companies that have recently applied for a US listing include blockchain lending platform Figure, BitGo, and Bullish, the latter being another Thiel-backed exchange that has recently listed on the New York Stock Exchange (NYSE).
Bitpanda has recently officially launched in the UK, allowing users to trade over 600 digital assets and announced a sponsorship agreement with Arsenal Football Club.
Related: Preston Pysh: Bitcoin (BTC) holders' skepticism towards institutions is hard to shake off
Original: “Reportedly, Bitpanda Rules Out London IPO Plan Due to Liquidity Concerns”
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