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European cryptocurrency exchange Bitpanda has decided against a potential listing in London due to concerns about liquidity in the city’s capital markets, according to a report published late Monday.
The Austrian-based cryptocurrency exchange, one of the largest in Europe, is considering a listing. However, London will not be the chosen location, co-founder Eric Demuth told the Financial Times.
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“Currently, liquidity-wise, the LSE [London Stock Exchange] is not doing too well,” Demuth was quoted as saying. “I hope that it gets better, but over the next few years, I think the LSE is struggling a bit,”
Demurg added that the firm is considering listing in either Frankfurt or New York, but no final decision on location or timing has been made.
The London Stock Exchange didn’t immediately return Benzinga’s request for comment.
Founded in 2014, the Vienna-based firm allows users to trade leading cryptocurrencies, such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). It is backed by billionaire investors Peter Thiel and Alan Howard.
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Interestingly, Bullish (NYSE:BLSH), another cryptocurrency exchange backed by Thiel, successfully debuted on Wall Street earlier this month. The company opened for trading at $90.45 per share, well-above its initial public offering price of $37 per share.
The stock exhibited a moderately high Value score — a metric that evaluates a stock’s relative worth by comparing its market price to fundamental measures of the company. Visit Benzinga Edge Stock Rankings to compare it with Coinbase Global Inc. (NASDAQ:COIN), the biggest cryptocurrency exchange in the U.S.
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This article Peter Thiel-Backed Crypto Exchange Snubs London Listing Amid Liquidity Concerns, Weighs Frankfurt Or New York: Report originally appeared on Benzinga.com
