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Austrian cryptocurrency company Bitpanda has closed a $170 million funding round to support the company’s international growth.
The latest round of Series B funding was led by venture capital firm Valar Ventures, which is backed by PayPal co-founder Peter Thiel, Bitpanda announced Tuesday. The round also included partners from Yuri Milner’s investment firm, DST Global, known as a major investor in US cryptocurrency exchange app Robinhood. While DST is a new investor in Bitpanda, Valar previously led the Series A funding round of $52 million in September 2020.
According to Bitpanda, this new funding round makes the company the first Austrian unicorn and brings the company’s valuation to $1.2 billion.
With this new funding, Bitpanda hopes to expand its services in Europe. Technology centres and offices are planned in Madrid, Barcelona, London, Paris and Berlin. In addition to its headquarters in Austria, Bitpanda has already expanded to France, Spain, Turkey, Italy and Poland. Now it’s about expanding internationally, complementing existing products and services and bringing our financial solutions to new audiences, Eric Demuth, CEO and co-founder of Bitpanda, told Cointelegraph.
In addition to its global expansion, Bitpanda also plans to launch several new products on its platform in the near future, including fractional stock exchanges and exchange traded funds.
Bitpanda, founded in 2014, originally specialized in offering investment and trading services for cryptocurrencies such as bitcoin (BTC), but has since expanded into other investment options. We are evolving into a pan-investment platform, not just a cryptocurrency broker, Demuth said.
According to the report, the latest series B round was signed last week and is currently awaiting approval from the Austrian Financial Market Authority (FMA). The funding announcement comes shortly after Bitpanda was granted FMA-approved investment firm status for its local license in early March.