This report presents the investment thesis for Bitpanda Vision, a leading European financial technology company, centered on its strategic expansion into the Web3 ecosystem. The analysis concludes that Bitpanda is pivoting from its position as a highly successful and profitable centralized finance (CeFi) broker and expanding into a full-stack Web3 ecosystem owner. This transition is strategically designed to capture the nascent but potentially vast market for tokenized Real-World Assets (RWAs) in Europe, leveraging a unique combination of existing strengths that competitors will find difficult to replicate. The investment thesis rests on four primary pillars and while the opportunity is substantial, it is not without significant risks. The primary challenges include execution risk associated with a complex, multi-year roadmap; intense competitive pressure from both global crypto-natives like Binance and well-funded fintechs like Revolut and Robinhood; evolving regulatory headwinds that could impact the DeFi and RWA landscape; and the inherent market and token volatility of the crypto sector. Despite these risks, Bitpanda's strong financial performance, accelerating user traction, and differentiated strategic positioning present a compelling investment case. The company's Web3 initiative is not a speculative venture but a calculated evolution built upon a profitable and resilient business. The successful execution of its roadmap could establish Bitpanda as the dominant, regulated gateway to the on-chain economy in Europe and the world.
| Component | Key Features [10] | Strategic Role | Launch Date |
|---|---|---|---|
| Bitpanda DeFi Wallet | Non-custodial, multi-chain (5,000+ tokens, 8+ chains), optional seed phrase recovery, staking & earning features | The primary, user-friendly on-ramp to the entire Web3 ecosystem, designed to lower barriers for mainstream users. | "Available soon" |
| Vision Token (VSN) | Utility token for fee discounts, staking (up to 10% APY), governance, Launchpad access, and gas payments | The central economic engine that connects all ecosystem components and powers the value-accrual flywheel. | July 16, 2025 |
| Vision Protocol | Cross-chain liquidity aggregator (integrates 1inch, Jupiter, etc.) for seamless swaps embedded in the DeFi Wallet | The technical "engine room" that abstracts away multi-chain complexity and provides best-price execution. | August 2025 |
| Bitpanda Launchpad | Curated platform for vetted, early-stage Web3 project token launches, with exclusive access for VSN holders | A catalyst for ecosystem growth, attracting innovation and creating a strong demand-driver for the VSN token. | Q4 2025 |
| Vision Chain | Compliant Ethereum L2 rollup designed for tokenized RWAs, featuring on-chain KYC and institutional-grade controls | The "crown jewel" infrastructure play, positioning Bitpanda as the foundational rail for institutional on-chain finance in Europe. | 2026 |
Vision (VSN) is Bitpanda’s newly launched ecosystem token and the linchpin of its strategic pivot from a Web2 brokerage model to a comprehensive Web3 platform. Announced in mid-2025 and set to launch on July 16, VSN will “power Bitpanda’s onchain infrastructure connecting wallets, trading, cross-chain liquidity, and tokenized assets”. Bitpanda is evolving into an on-chain ecosystem consisting of several components with Vision token integrated at every level [11,13].
This initiative represents a significant commitment by Bitpanda. According to some reports the company may allocate a portion of its core revenue (reportedly 10% of brokerage revenues) to support the Vision ecosystem by funding rewards, token burns, and growth incentives to drive VSN’s value. While details of this revenue commitment are internal, it aligns with Bitpanda’s prior approach with its first token (BEST) where a share of trading spreads was funneled back to token holders via buybacks/burns and rewards.
| Feature / Attribute | Bitpanda Ecosystem Token (BEST) | Pantos (PAN) | Vision (VSN) |
|---|---|---|---|
| Core Concept | A centralized loyalty and rewards token for the Bitpanda platform. | A scientific research project token for future cross-chain interoperability. | A unified, multi-dimensional Web3 ecosystem token powering a full suite of products. |
| Primary Domain | Confined to the Bitpanda centralized exchange (CEX) and its services. | Theoretical future Pantos protocol; existed primarily as an ERC20 token. | Spans the Bitpanda CEX, a non-custodial DeFi Wallet, and the broader on-chain world. |
| Fee Utility | No direct fee payment utility. Offered an "Instant Trade Bonus" as a rebate. | Intended as the sole fee token for the future Pantos network; utility was not yet realized. | Direct 20% fee discount on the Bitpanda platform & DeFi Wallet; serves as the gas token for Vision Protocol & Vision Chain. |
| Staking / Yield | No direct staking. Holding BEST boosted staking yields on other assets by up to 12.5%. | Staking was a potential future use case but not an active feature. | Direct staking of VSN for up to 10% APY through protocol emissions. |
| Governance | Limited to VIP asset votes on the centralized platform. | No active governance rights for token holders; project direction set by the team. | On-chain governance rights to vote on protocol upgrades, reward rates, and token emissions. |
| Access Utility | Increased allocations in Spotlight giveaways. | No access-based utility. | Early access to curated token sales on the Bitpanda Launchpad. |
| Value Accrual | Deflationary: Supply reduction via monthly token burns funded by a portion of trading fees. | Speculative: Value tied to the future success and adoption of the unrealized Pantos protocol. | Demand-Driven: Value accrues from staking lock-ups, transactional gas fees, and access-based demand for the Launchpad. |
| Supply Mechanics | Fixed initial supply of 1 billion; deflationary via burns until 75% destroyed. | Fixed supply of 1 billion; static until mainnet launch. | Initial supply of 4.2 billion; transparent, managed inflation (initially 5% annually) to fund rewards. |
| Governance Model | Centrally controlled by Bitpanda GmbH via the Loyalty Programme Terms. | Centrally managed by the Pantos project team and its research partners. | Decentralized governance via the independent Vision Web3 Foundation and on-chain voting. |
Vision brings together Bitpanda’s previously separate token initiatives. The company is consolidating its two legacy tokens, BEST (Bitpanda Ecosystem Token) and PAN (Pantos), into a new token called VSN. This move is a direct response to community feedback calling for “real utility, fewer silos, and a clearer path to adoption.”
BEST had served as a reward and loyalty token for the Bitpanda broker, while Pantos was focused on research into cross-chain token technologies. Operating both tokens created unnecessary complexity. VSN replaces them with a single, multichain-compatible asset designed for greater usability and adoption.
To ensure fairness, the merge process offers conversion rates for BEST and PAN holders based on a 30-day average price ratio. Specifically, 1 BEST converts to 4.91 VSN and 1 PAN converts to 0.89 VSN. These fixed rates are calculated from relative market values and result in an initial allocation of VSN that essentially transfers ownership of the new 4.2 billion supply to the current Bitpanda token holder community. Based on the conversion math, approximately 78% of the new VSN supply will go to BEST holders and around 21% to PAN holders.
Users holding BEST or PAN on the Bitpanda platform can choose to automatically swap their tokens for VSN during the launch window from July 9 to July 16, 2025. Those who self-custody can migrate via an on-chain dApp at a later time. After July 16, trading of BEST and PAN will be discontinued and VSN will begin trading on exchanges. Bitpanda has displayed Kraken as the first confirmed listing partner, with additional listings on CEXes and DEXes expected.
The merge significantly streamlines Bitpanda’s token ecosystem and provides VSN with immediate scale in both user base and liquidity. This is a strong foundation for network effects and broad adoption.
It is also worth noting that BEST holders today include more than 200,000 highly engaged users. These users are responsible for the highest levels of activity on the Bitpanda broker, generating over 1 million euros in daily trading volume on the platform. This gives VSN a strong and active community from the outset.
In parallel, Bitpanda is rolling out its Web3 product suite powered by VSN. Key components launching include:
https://cdn.bitpanda.com/media/web3/Bitpanda-Web3-Visionpaper_EN.pdf