EU Crypto company BitPanda raised $170 million in a funding round led by Valar Ventures and partners from DST Global so let’s read more in our latest crypto news today.
Austria-based EU crypto company Bitpanda just completed a $170 million funding round to boost the growth of the company even further. The latest Series B funding round was led by Valar Ventures which is backed by PayPal’s co-founder Peter Thiel, according to the announcement. The deal also featured partners from Yuri Milners’ investment company DST Global which is also a huge investor in Robinhood. While DST is a new investor in Bitpanda, Valar already runs a $52 million Series A in September 2020.
According to BitPanda, the new funding round made the firm “Austria’s first unicorn” by raising the valuation of the company to $1.2 billion. With the new funding, BitPanda is looking to expand services in Europe and plans to even set up a tech hub and offices in Madrid, London, Paris, Barcelona, and Berlin. In addition, the company already expanded in Turkey, Poland, Italy, and France, as CEO and co-founder Eric Demuth said:
“Now it’s about growing internationally, adding to our existing products and services, and bringing our financial solutions to new audiences.”
Apart from the global expansion ambitions, BitPanda plans to introduce new products in the near future including the trading of fractional shares and ETFs. Founded in 2014, BitPanda focused on investment and trading services for crypto assets like BTC but it decided to expand further:
“We are shifting to become a pan-investment platform, not just a crypto broker.”
According to the announcement, the recent Series B was signed last week and is pending approval from the Austrian Financial Market Authority. the news came shortly after BitPanda urged the local license and gained a status of an FMA-approved investment company.
— Bitpanda (@bitpanda) March 16, 2021
As recently reported, BitPanda has been featured in the Bitcoin price news as an exchange that trades Bitcoin (BTC) as well as precious metals like gold, silver, and platinum. Demuth did not hesitate to call Bitcoin a “gold 2.0” or a “better version of gold.”The BitPanda CEO said that as the demand for digital assets increases forces the need for precious metals to also grow.
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