The European cryptocurrency brokerage firm Bitpanda has announced today the completion of its Series A funding round in which it had raised an amount of $52 million. Reportedly, this funding round was led by the United States-based venture capital fund Valar Ventures. This was the largest funding round of 2020 for the company.
Bitpanda plans to use this large investment secured in the funding round for driving the expansion of the company and making the company a leader in the financial industry of Europe that could transform the industry.
This huge investment that has come from Valar Ventures is an indication of confidence in Bitpanda, said the Co-Founder and Chief Executive Officer (CEO) of the company Eric Demuth. He said that they are working on making investing accessible to everyone by creating advanced financial tools and through advanced technology while providing users an opportunity to access the financial markets.
“We are making it possible for everyone to take ownership of their financial future and are providing our customers with financial knowledge and education in the process. Our goal is to become the leading investment and trading platform in Europe, not only for the people who are already familiar with trading but for everyone. This funding will help us do just that and, crucially, continue to recruit some of the world’s leading talent to our team.”
Andrew McCormack, the founding partner of Valar Ventures will be included in the board of Bitpanda who will be joining the brokerage company as a part of the investment. He was delighted on becoming a part of Bitpanda’s team and said, “We believe Bitpanda is perfectly positioned to take advantage of the opportunity by scaling across Europe and continuing to attract loyal users, which the team has already proven they can do profitably. Together, we’re going to ensure everyone in Europe has the power to access the financial markets and invest in their financial futures as we build Europe’s next fintech unicorn.”
Bitpanda has emerged as a leading platform for the trading of cryptocurrencies and precious metals in Europe and it has currently an annual revenue of more than 1.3 million users.