By
Tolu Ajiboye
April 23rd, 2024
The Peter Thiel-backed company had managed to triple its valuation in five months and has currently secured $263 million in a fresh funding round.
Bitpanda, a European cryptocurrency platform backed by US tech millionaire Peter Thiel has recently attained $263 million in a funding round which has made the company’s valuation soar at a whopping $4.1 billion.
The current funding has reportedly been three times more than the recent $1.2 billion that was raised by the company in their previous funding round.
Bitpanda Raises $263 Million In A Funding Round Investment Led By Valar Ventures
The current investment was led by Valar Ventures, which is a company operated by Peter Thiel. This will be the third instance when the company has invested in Bitpanda since its major funding round. The latest cash investment has made Bitpanda secure an additional $500 million placing its valuation to rise at a remarkable $4.1 billion.
British billionaire hedge fund manager Alan Howard and Redo Ventures had also participated in the fundraising round along with LeadBlock Partners and Jump Capital.
Bitpanda is a brokerage firm headquartered in Vienna that facilitates the sale and purchase of cryptocurrency along with precious metals. The company had recently ventured into stock trading where Bitpanda claims to offer round-the-clock stock trading to its consumers. The company has also accentuated the fact that they wish to carve a separate governing niche from their competitors by licensing their technology to banks and fintech-based companies. Bitpanda has refused to highlight any names involved in the process but has commented that there are several big firms ready to invest and implement the system in the upcoming months.
The platform has managed to host more than 3 million users and is currently operating from the offices established in Vienna, Berlin, London, Paris, Barcelona, Milan, and Krakow. Bitpanda intends to amplify its work scale by expanding its network to countries such as France, Spain, Italy, and Portugal.
The current monetary boost that made Bitpanda seek exposure and rise in valuation has come at a time when the crypto industry has been registering record highs and constant investment pools. Digital investors who have been investing in premium cryptocurrencies have made their prices surge in April-May followed by a sharp decline that was registered in June. Later on, the crypto industry had sought momentum again which compelled the digital currency to cross the $2 trillion mark. This was indeed a striking response to the constant deterioration that the currency was subjected to due to regulatory pressures and clampdown activities implemented by the Chinese government.