Peter Thiel’s Valar Ventures Led Bitpanda’s $52M Funding Round

Vienna-based Bitpanda has closed its Series A funding round after raising $52 million, the crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term announced on Tuesday.

The round was led by Peter Thiel’s Valar Ventures and saw participation from other Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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.

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.