Austrian cryptocurrency exchange Bitpanda has decided to rule out London as a venue for its initial public offering (IPO), marking another setback for the struggling financial markets in the UK.
Choice of Alternative Markets
Bitpanda is considering Frankfurt and New York as preferred locations for its IPO, opting out of London. Notably, the company remains flexible on the timing of any potential listing.
Criticism of London Stock Exchange Liquidity
Co-founder Eric Demuth highlighted that liquidity conditions on the London Stock Exchange are unfavorable for successful public offerings, especially in the cryptocurrency sector. He also noted a general sentiment that London is losing its appeal for tech and finance firms.
Expanding Operations in the UK Market
Despite deciding against a listing on the London Exchange, Bitpanda continues to expand its operations in the UK, recently introducing trading services covering over 600 digital assets.
Bitpanda's decision to rule out a London IPO underscores structural issues affecting the UK market's attractiveness for investments, reflecting a trend of companies seeking better conditions abroad.
