Austrian cryptocurrency company Bitpanda closed a $ 170 million financing round to help boost the company’s international growth.
He led the latest round of financing from Series B Valar Ventures, a venture capital firm backed by PayPal co-founder Peter Thiel, who announced Bitpanda on Tuesday, and with partners from Yuri Milner’s DST Global investment firm, known as a major investor in the US cryptocurrency. . Useful app for trading Robinhood stocks. While DST is the new investor in Bitpanda, Valar previously led the $ 52 million Series A round in September 2020.
According to Bitpanda, the new financing round has made the company “Austria’s first unicorn,” raising the company’s valuation to $ 1.2 billion.
With the new funding, Bitpanda wants to expand its services across Europe and plans to set up technology centers and offices in Madrid, Barcelona, London, Paris and Berlin. In addition to its headquarters in Austria, Bitpanda has already expanded to include France, Spain, Turkey, Italy and Poland. “Now it’s about growing internationally, adding our existing products and services, and bringing our financial solutions to a new audience,” Bitpanda CEO and co-founder Eric Demuth told Cointelegraph.
In addition to its global expansion ambitions, Bitpanda also plans to introduce some new products on its platform in the near future, including trading stocks and registered funds.
Bitpanda was founded in 2014 and was originally focused on investing and trading services for cryptocurrencies such as Bitcoin (BTC), but has now expanded to include more investment options. “We are changing to be an investment platform, not just a cryptocurrency broker,” said Demuth.
According to the announcement, the last round of the B Series was signed last week and is currently awaiting approval by the Austrian Financial Markets Authority, or FMA. Funding news surfaced shortly after Bitpanda renewed its local license to become an FMA approved investment company in early March.