European digital investment platform Bitpanda raised $52 million in its first big funding round, backed by Peter Thiel’s Valar Ventures. Vienna-based VC Speedinvest also participated, alongside other unnamed investors.
Retail investors have been booming since the pandemic struck, with day traders flooding money into trading applications like U.S.-based Robinhood Markets Inc. Bitpanda, located in Vienna, currently allows customers to acquire and sell cryptocurrencies as well as precious metals.
The Vienna-based company will use the cash to expand internationally. It expanded to France, Spain and Turkey in 2020, and plans to enter additional European markets this year and next. “The Robinhood movement in the U.S. helps a lot, but we want to be more customer-friendly,” Eric Demuth, co-founder and co-chief executive officer of Bitpanda, said in an interview.
Eric Demuth, Co-Founder and CEO of Bitpanda, said: “This investment from Valar Ventures is a major vote of confidence in Bitpanda and our vision from one of the world’s pre-eminent investors in successful fintech companies.
As part of the funding, the founding partner of Valar Ventures, Andrew McCormack, will also join the Bitpanda Board. McCormack was previously with PayPal in its early years and supported Peter Thiel during its IPO and eventual sale to eBay in 2002. Valar has previously invested in European fintechs including TransferWise and the Germany-based digital bank, N26.
Bitpanda is a centralized exchange with its own infrastructure, and is not running on a public blockchain. Other centralized exchanges include Coinbase, Kraken, Binance, Kucoin and Huobi.
The Austrian startup Bitpanda founded in 2015 and is the fast-growing European digital asset platform. It has 300 employees.It is a Crypto Exchange Marketplace Platform that delivers services that are distinct from other exchanges. While other exchanges connect users to dealing with other traders, Bitpanda provides the coin directly to its users at a price above the market price known as the premium.
The Bitpanda app helps users to trade gold and silver for any digital asset on the platform. In this way, customers will have different investments backed by 100 per cent of precious metals in their portfolio.
Using Bitpanda swap, users can immediately swap one crypto to another without any limitations. They can also pay bills and rentals and transfer money to friends and family by linking their account to a standard fiat account.
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