Vienna-based Bitpanda has closed its Series A funding round after raising $52 million, the crypto exchange announced on Tuesday.
The round was led by Peter Thiel’s Valar Ventures and saw participation from other fintech investors like Speedinvest.
As detailed by the exchange’s co-founder and CEO, Eric Demuth, Bitpanda will now focus on geographical expansion and will further introduce new products.
At present, the Austrian exchange is operating in around 34 countries and sees a daily trading volume of around $2 million. Demuth detailed that the exchange has already launched its services in France, Spain, and Turkey and eying to enter more European countries.
“We plan to keep on growing in more European countries during this year and, in 2021, bring financial empowerment across borders and secure a new sense of financial culture,” he noted.
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Going beyond Crypto
In addition to crypto, the Europen exchange facilitates, trading with precious metals as well, saw 100,000 customers on-boarded only for trading gold options. It now has plans to offer services with all asset classes.
Furthermore, Bitpanda will focus on scaling its team strength up to more than 300 team members by the end of this year from its present force of around 70.
“The unusual past months during COVID-19 have been a hell of a ride,” Demuth stated. “Getting big investors on board means you go into something resembling a business marriage. You have to share a common vision and believe in the same strategies but also work closely together, so the personal connection has to match as well.”
Last year, the exchange raised $51.05 million in an initial exchange offering and also had a seed round in 2016.
According to the agreements with the latest investors, Andrew McCormack and James Fitzgerald from Valar Ventures will take seats at the exchange’s board.