Austria-based cryptocurrency agency Bitpanda has closed a $170 million funding spherical to additional the agency's worldwide progress.The most rec
Austria-based cryptocurrency agency Bitpanda has closed a $170 million funding spherical to additional the agency’s worldwide progress.
The most recent Collection B funding spherical was led by Valar Ventures, a enterprise capital agency backed by PayPal co-founder Peter Thiel, Bitpanda introduced on Tuesday, and featured companions from Yuri Milner’s funding agency DST International, which is called a significant investor in American crypto-friendly inventory buying and selling app Robinhood. Whereas DST is a brand new investor in Bitpanda, Valar beforehand led a $52 million Collection A spherical in September 2020.
In keeping with Bitpanda, the brand new funding spherical has made the agency “Austria’s first unicorn” by elevating the corporate’s valuation to $1.2 billion.
With the brand new funding, Bitpanda is seeking to additional increase its providers throughout Europe, and plans to arrange tech hubs and places of work in Madrid, Barcelona, London, Paris and Berlin. Along with its Austria headquarters, Bitpanda has already expanded into France, Spain, Turkey, Italy and Poland. “Now it’s about rising internationally, including to our present services, and bringing our monetary options to new audiences,” Bitpanda CEO and co-founder Eric Demuth advised Cointelegraph.
Aside from its international enlargement ambitions, Bitpanda can be planning to introduce some new merchandise on its platform within the close to future, together with the buying and selling of fractional shares and exchange-traded funds.
Based in 2014, Bitpanda initially targeted on funding and buying and selling providers for cryptocurrencies like Bitcoin (BTC) however has now expanded to extra funding choices. “We’re shifting to turn out to be a pan-investment platform, not only a crypto dealer,” Demuth mentioned.
In keeping with the announcement, the latest Collection B spherical was signed final week and is presently pending approval by the Austrian Monetary Market Authority or FMA. The funding information comes shortly after Bitpanda upgraded its native license, gaining the standing of FMA-approved funding agency in early March.