The Crypto Exchange Bitpand has turned away in the public markets of London, citing weak liquidity in the London Stock Exchange (LSE) as a major factor in its decision.
Eric Demuth, Vienna’s co-founder based on crypto exchange, said The Financial Times that while Bitpanda actively examines a public list, “it’s not in London.” Instead, the firm weighs potential lists in Frankfurt or New York, even without a timeline set.
“Currently, the liquidity is smart, the LSE is not very good,” Demuth told FT. “I hope it’s going to be good, but in the next few years, I think LSE is having a hard time.”
Demuth noted that some companies, including the British Fintech Wise, have moved on or in the process of moving their main list abroad to attract more investors.
Cointelegraph reached out to Bitpand for commenting, but had not received a response before published.
Related: Crypto Biz: Ipo fever, ether wars and stablecoin showdowns
London IPO Market hits a 30-year low
The UK has faced one of the IPO’s steep drought for decades. According to market data cited by FT, the value raised from London lists in the first half of the year falls to a 30-year low, motivating concerns over the ability to compete with other global financial centers.
The UK is also under fire for its crypto policy. In June, analysts at the official Monetary and Financial Institutions Forum (OMFIF), an independent tank of thinking, Argued that the UK was wasted The advantage of its early mover Shared Ledger Finance.
Last month, Coinbase Released a satirical video joking The state of the UK economy, diverse upbeat lyrics about “everything” with bloody images of poverty, inflation, debt and crumbling infrastructure.
Related: Blockchain-focused technology joins Crypto IPO Wave with SEC filing
Crypto companies have filed for US lists
Bitpanda’s denial in London came as crypto companies were increasingly looking at the US for capital market activity. Earlier this month, the Gemini Space Station, the crypto exchange established by Cameron and Tyler Winklevoss, Filed in Sec To list its class a standard stock in the Nasdaq Global Select Market under the Gemi ticker.
Other crypto companies who have recently filed for US lists Figure of blockchain lender, Bitgo and bullish, another exchange supported by Thiel that Listed to NYSE this month.
Bitpanda recently Launched in the UKallowing users to trade more than 600 digital assets, and announce a sponsorship deal with the Arsenal Football Club.
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