Bitpanda, the Vienna-based crypto broker with more than 7 million users, launched Vision Chain on March 25, an Ethereum layer-2 blockchain built for European banks and fintechs to issue and settle tokenized versions of stocks, bonds, and investment funds. The network is designed from the ground up to comply with the EU’s MiCA and MiFID II regulations, a first for a public blockchain aimed squarely at regulated financial institutions.
A tokenized asset is a digital representation of a traditional financial instrument, such as a stock or bond, recorded on a blockchain so it can be traded, settled, and transferred without relying on legacy clearinghouse systems.
Key takeaways
- Bitpanda’s Vision Chain is an Ethereum L2 built on the Optimism OP Stack, using euro-denominated stablecoins for transaction fees.
- The network targets EU banks and fintechs, offering MiCA and MiFID II compliance out of the box.
- Partners already using Bitpanda’s infrastructure include N26, Deutsche Borse Group, Raiffeisen banks, and RAKBANK.
- Bitpanda reported adjusted revenue of EUR 371 million in 2025 and is preparing a Frankfurt IPO at a EUR 4-5 billion valuation.
Why European institutions needed a shared settlement layer
Large banks including JPMorgan Chase and Societe Generale have built proprietary tokenization platforms over the past two years, but those systems operate in silos. A fund tokenized on JPMorgan’s Onyx cannot easily trade against a bond issued through SocGen’s Forge. The result is fragmented liquidity and duplicated infrastructure costs.
Bitpanda’s thesis is that a shared, regulation-native public network solves this by acting as common settlement rails. Assets issued by one bank become accessible to every other participant on Vision Chain without custom integrations. CEO Lukas Enzersdorfer-Konrad said European financial institutions “have been ready for this shift for years, but the infrastructure has been missing.”
The timing is not accidental. The European Central Bank unveiled its own tokenized finance roadmap earlier this month, and the SEC and CFTC just classified 16 crypto assets as digital commodities, signaling that regulators on both sides of the Atlantic are moving toward clearer rules for on-chain finance.
How Vision Chain works
Vision Chain runs on the Optimism OP Stack, the same framework behind Coinbase’s Base network. Transaction fees are denominated in regulated euro stablecoins rather than ETH, removing a common adoption barrier for institutions that cannot hold volatile native tokens on their balance sheets.
The broader Vision ecosystem includes five components: a non-custodial wallet, Vision Protocol for cross-chain liquidity, the L2 blockchain itself, a launchpad for early-stage investments, and the VSN governance token. VSN currently trades at roughly $0.052, giving it a market cap of about $186 million according to CoinGecko data. A portion of network fees fund periodic VSN buybacks, creating a deflationary mechanism.
Bitpanda developed the network alongside the Vision Web3 Foundation, with Optimism providing its OP Enterprise managed deployment.
A crowded race for institutional tokenization
Vision Chain enters a market that is growing fast. A Boston Consulting Group and Ripple joint report estimates tokenized assets could reach $18.9 trillion by 2033, with 53% annual growth. Mordor Intelligence projects the market will grow from $2.08 trillion in 2025 to $13.55 trillion by 2030.
The competition is fierce. Robinhood recently launched a blockchain offering access to 500+ US stocks and ETFs on Arbitrum. Nasdaq and the New York Stock Exchange are building their own compliant blockchain platforms. The Invesco takeover of Superstate’s $900M tokenized Treasury fund, reported just yesterday, shows how quickly traditional finance is absorbing on-chain assets.
What separates Vision Chain is its European focus and regulatory-first design. While US competitors navigate a still-evolving regulatory environment, MiCA gives EU platforms a clearer compliance framework to build on.
IPO implications
Bitpanda has hired Goldman Sachs, Citigroup, and Deutsche Bank to arrange a Frankfurt Stock Exchange IPO in the first half of 2026, targeting a valuation between EUR 4 billion and EUR 5 billion. Co-founder Eric Demuth told the Financial Times the company chose Frankfurt over New York and London, ruling out London over liquidity concerns.
The Vision Chain launch strengthens the IPO narrative. Bitpanda is positioning itself not as a retail crypto broker but as infrastructure for institutional finance, a story that plays better with public-market investors who remain cautious about pure-play crypto exposure. The company posted EUR 371 million in adjusted revenue for 2025 and has doubled headcount recently.
One risk: a January ICIJ investigation flagged information security weaknesses at Bitpanda’s German subsidiary. How the company addresses those findings before the IPO roadshow could affect investor confidence.
FAQ
What is Bitpanda Vision Chain?
Vision Chain is an Ethereum layer-2 blockchain built on the Optimism OP Stack, designed for European banks and fintechs to issue and settle tokenized assets like stocks, bonds, and funds. It uses euro-denominated stablecoins for fees and complies with MiCA and MiFID II regulations.
Which banks use Bitpanda’s infrastructure?
Bitpanda Enterprise already serves N26, Deutsche Borse Group, select Raiffeisen banks, and RAKBANK through its B2B infrastructure. Vision Chain extends this relationship by giving these institutions a shared blockchain settlement layer.
When is Bitpanda’s IPO?
Bitpanda plans to list on the Frankfurt Stock Exchange in the first half of 2026, targeting a valuation of EUR 4-5 billion. Goldman Sachs, Citigroup, and Deutsche Bank are arranging the offering, though the company says timing could shift.
