Cryptocurrency alternate backed by billionaire Peter Thiel triples in worth in 5 months

Bitpanda, a European cryptocurrency alternate, has simply raised $263 million in a brand new funding spherical, valuing the corporate at $4.1 billion. That is greater than thrice the $1.2 billion valuation that Bitpanda achieved in a funding spherical 5 months in the past. To date, this cryptocurrency alternate has raised almost 500 million USD.

The funding was led by Valar Ventures, the enterprise capital agency co-founded by US tech billionaire Peter Thiel. That is the third time Valar has invested in Bitpanda for the reason that first official funding spherical, introduced in September 2020.

British billionaire hedge fund supervisor Alan Howard and REDO Ventures additionally participated within the spherical, together with current traders LeadBlock Companions and Leap Capital.

The cryptocurrency exchange backed by billionaire Peter Thiel tripled its value after 5 months - Photo 1.

Bitpanda Co-Founders. Photograph: Bitpanda

Based in 2014, Bitpanda is a Vienna-based brokerage that enables anybody to purchase and promote cryptocurrencies and treasured metals. The corporate additionally started testing a service this yr that enables customers to commerce shares 24/7.

Bitpanda is one among many on-line brokerages in Europe garnering rising curiosity from traders, thanks partially to the frenzy over “inventory meme” trades. Retail merchants flocked to unloved shares like GameStop and AMC, which was traced again to a Reddit discussion board. That has led to a big quantity of transactions at digital platforms like Robinhood.

A technique the corporate hopes to set itself other than the competitors is to share its expertise with banks and fintech companies. The corporate doesn’t publicize any prospects however says a number of giant corporations have already carried out the system and can have the ability to provide cryptocurrency and inventory buying and selling within the subsequent few months.

Bitpanda makes cash from the distinction between the worth somebody is prepared to pay for an asset and the worth at which the asset is bought. The corporate has been worthwhile since 5 years in the past.

Profitability is a rarity within the fintech sector as many corporations undergo heavy losses regardless of receiving funding. Revolut, most just lately valued at $33 billion, recorded a lack of £167.eight million ($232.three million) in 2020, up 57% from a yr earlier.

Bitpanda doesn’t disclose monetary figures however says income is on observe to develop sevenfold by 2021. The platform presently has greater than three million customers.

The corporate operates solely in Europe, with workplaces in Vienna, Berlin, London, Paris, Barcelona, ​​Milan and Krakow. And the newly raised cash is predicted for use to increase into key markets resembling France, Spain, Italy and Portugal.

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