The European cryptocurrency broker company Bitpanda today announced the completion of a $52 million Series A. The financing was led by Valar Ventures, PayPal legend Peter Thiel.
According to the team, that round of funding plus the launch round in 2016 and its IPO in 2019 means the company, with 240 employees, has raised around $100 million to date.
Bitpanda Co-CEO Eric Demuth and Paul Klanschek said the pay raise includes additional funding from SeedInvest. They added that it will help the company in 2020. In the fourth quarter, the company expanded to 300 employees and delivered various new products.
According to CoinGecko, Bitpanda Pro’s daily trading volume is around $2 million. Klanscheck said that the platform also offers trading in precious metals in addition to other crypto assets. Also, the platform had transactions totaling more than $1 billion in 2019. In addition, he said that France, Spain, and Turkey are the fastest growing cryptocurrency markets. The platform supports approximately 34 countries/regions.
The recent hot boom over decentralized finance (DeFi) is good news for Bitpanda. Eric Demuth, Co-CEO, said the platform recently launched the DeFi market and has generated significant returns. In addition, he said that the public is really crazy about buying DeFi tokens.
In addition, asides cryptocurrency, around 100,000 people use the Bitpanda platform this year to trade gold options.
As part of the transaction, Valar’s Andrew McCormack will join Bitpanda’s board of directors.
“Together, we’re going to ensure everyone in Europe has the power to access the financial markets and invest in their financial futures as we build Europe’s next fintech unicorn,”McCormack said in a statement.
Bitpanda is a fintech based in Vienna, Austria, and was founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer. Also, the platform offers a PSD2 payment service provider license, state-of-the-art security, and streamlined user experience.
Bitpanda has grown into a popular trading platform for newbies and experts alike. In addition, users can currently trade Bitcoin, Ethereum, gold, and over 30 other digital assets.