Bitpanda Crypto Exchange Raises $263 Million; Valuation Grow by 3X in 6 Months
Austria’s first unicorn crypto exchange, Bitpanda is riding a bullish streak. In the short span of 6 months, Bitpanda has leaped from a $1.2 billion valuation to a $4.1 Billion valuations after raising $263 Million in a Series C funding round. The latest funding round was led by Alan Howard and REDO Ventures, with existing investors LeadBlock Partners and Jump Capital.
Europe-Focused & B2B exchange services
Unlike US-based crypto exchange giants, Bitpanda has channeled all its focus towards Europe. The exchange is collaborating with offices and physical tech hubs located in eight cities across the region, including Vienna, Barcelona, Berlin, Krakow, London, Madrid, Milan, and Paris. Furthermore, Bitpanda has expanded into the b2b trading industry in collaboration with a white-label platform. It is providing the opportunity for other fintech and banks to offer to trade crypto to their own clients.
This amalgamation of both, b2b products and remote geographical focus has allowed Bitpanda to accommodate new users in short order. The exchange is confident of being “on track” to grow its user base by 6X every year. It expects the returns to hike by another 7X in 2021 as compared to 2020.
The exchange focuses on crypto while offering non-crypto trading
The exchange platform stands out by providing its 3 million users with easy and commission-free investments in precious metals, like gold, along with investments in established stock. Yet, Bitpanda emphasizes that it is more focused on the crypto industry. Bitpanda’s spokeswoman revealed that despite diversification beyond the crypto sphere, decentralized trading remains “the preferred choice” for Bitpanda’s current users, noting the Stocks trading product is still in beta.
“With Bitpanda Stocks, we introduced a new way of investing in stocks and ETFs; it enables investing 24/7, any time, day or night. This is still in a beta phase, we’re adding constantly new assets. That said, stock trading is slowly picking up and increasing its share in overall trading,” she added.
Additionally, the exchange announced that the exceptional Series C funding results will be routed towards the global expansion and growth of the company. The exchange will focus its funding on Tech and product investments. Bitpanda also shared its plans to recruit more employees along with gearing up for further scaling of the business.Source