Bitpanda, a well-known cryptocurrency brokerage firm in Europe, has said in an announcement that it has successfully closed the first round of Series A funding. The broker has secured $52 million worth of investment through this funding round which was led by Valar Ventures a famous US-based venture capital company.
Bitpanda is known as one of the leading trading platforms available in Europe for cryptocurrency as well as precious metals’ trading. Its revenue is increasing annually with more than 1.3 million users joining the platform. To ensure its position as the leading platform of Europe, the company plans to utilize this funding for developing more modern ways of investing and trading so that it could make accessible the digital trading of all kinds of assets to all of the residents of Europe.
According to the announcement, the Founding Partner of Valar Ventures Andrew McCormack will be joining Bitpanda’s team as a part of the investment. He said that he was delighted on joining the board of Bitpanda. According to him, the interest of people in investing has got accelerated because of the global pandemic. He added:
“Bitpanda is perfectly positioned to take advantage of the opportunity by scaling across Europe and continuing to attract loyal users, which the team has already proven they can do profitably. Together, we’re going to ensure everyone in Europe has the power to access the financial markets and invest in their financial futures as we build Europe’s next fintech unicorn.”
While on the other hand, the Chief Executive Officer (CEO) and Co-Founder of Bitpanda Eric Demuth considers this investment “a vote of confidence in Bitpanda”. He said that they are using innovative tools and advanced technology to make it possible for everyone to easily access investing as well as financial markets.
“Our goal is to become the leading investment and trading platform in Europe, not only for the people who are already familiar with trading but for everyone. This funding will help us do just that and, crucially, continue to recruit some of the world’s leading talent to our team,” he added.