Now Bitpanda is going to expand its offerings beyond cryptocurrency trading, serving as a one-stop platform for anyone looking to trade digital securities.
Vienna, Austria-based cryptocurrency trading platform Bitpanda has completed its Series B funding round, raising $170 million from both old and new investors. As reported by TechCrunch, the latest capital support for the firm was lead by the company’s old partner, Valar Ventures, a Peter Thiel-backed fund, as well as new investors from DST Global.
Per the latest cash inflow, Bitpanda has attained the status of an Austrian unicorn, with a market valuation of $1.2 billion, a big milestone compared to other startups of its peers.
“Becoming Austria’s first unicorn is a great achievement, and I’m incredibly proud of the team for everything we have accomplished over the past few years. It is yet another endorsement in our vision to give everyone more access and greater control over their financial future, on their terms, no matter their financial means,” said Bitpanda CEO Eric Demuth
The outfit currently operates out of Austria with a presence in Italy, Poland, Spain, and Turkey. The company has “plans to continue fearlessly entering new European markets and scaling its offering sustainably,” with ongoing effort to expand its reach to new hubs in Madrid, Barcelona, Berlin, London, and Paris.
Another core ambition for Bitpanda which describes itself as a “neobroker” is to expand its offerings beyond cryptocurrency trading, serving as a one-stop platform for anyone looking to trade digital securities.
“We are shifting to become a pan-investment platform, not just a crypto broker,” Demuth said, noting the European Union is a largely untapped market for stocks and cryptocurrency trading in general. “In the EU, we probably have less than 10% of the population owning stocks. Our growth goes hand in hand with that.”
Bitpanda Series B Funding Is a Testament to the Company’s Growth
Investors have commended the pace at which the company has grown since its inception. At the time when the firm conducted its Series A fundraising 6 months ago, it has a recorded number of 1.3 million users having passed the 1 million milestone back in 2019, and today, it boasts of about 2 million active users on its platform.
Valar Ventures founding partner James Fitzgerald added: “Since we joined the board last September, we have continued to be impressed with the work that Eric, Paul, and the team are doing. One of the positive changes caused by the pandemic was an increased interest in personal finance, and Bitpanda’s broad offer and commitment to demystifying investing for a new breed of retail investors means it is perfectly positioned to take advantage of the trend. With over 700,000 new users in just 6 months, we know that people want access to the platform, and we’re excited to bring Bitpanda to every investor in Europe.”
Per the company’s financials, co-founder Paul Klanschek said that the firm will net revenue of about Euros 100 million for the first few months of 2021, with the annualized inflow projected to fall in the €300-400 million range.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.