The Austrian cryptocurrency trading venue – Bitpanda – raised $263 million in a new funding round led by Valar Ventures. The company is now worth $4.1 billion – nearly four times more than the $1.2 billion valuation in March this year.
- According to a CNBC report, the valuation of Bitpanda – a cryptocurrency exchange based in Vienna – has surpassed the $4 billion mark.
- This happened after raising $263 million in a fresh funding round led by Valar Ventures – a US-based venture capital firm founded by Peter Thiel.
- Interestingly, this is the third time Valar Ventures has supported Bitpanda after it led the previous major funding rounds in September 2020 and March 2021.
- Eric Demuth – the CEO and Co-Founder of the Austrian platform – commented:
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“When you have partners you have a close connection with, and they have deep pockets, you don’t have to do the whole roadshow. Valar wanted to double down and we wanted to stay with them. It was quite an easy process.”
- New York-based venture capital firm – REDO Ventures, the English billionaire Alan Howard, Jump Capital, and LeadBlock Partners also invested in the latest funding round.
- Bitpanda was founded in 2014 and is a brokerage firm that allows its users to invest in a range of products such as digital assets, fractional stocks, and precious metals – from as little as $1.
- Two years ago, it surpassed the milestone of one million customers, and now there are more than three million. Bitpanda has headquarters in many European cities and plans to expand its scope to key markets like Spain, France, Italy, and Portugal.