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On Tuesday, Austrian cryptocurrency exchange Bitpanda announced in a press release that it had closed its Series B funding round which raised $170 million, thereby receiving an instant company valuation of $1.2 billion.
The Series B funding round was headed by Valar Venture with DST Global participating and came just six months after the Bitpanda closed its first Series A funding round that brought in $52 million.
Commenting on the funding, Bitpanda Co-Founder and Chief Executive Officer, Eric Demuth said:
“Becoming Austria’s first unicorn is a great achievement, and I’m incredibly proud of the team for everything we have accomplished over the past few years. It is yet another endorsement in our vision to give everyone more access and greater control over their financial future, on their terms, no matter their financial means.”
James Fitzgerald, founding partner of Valar Ventures said:
“Bitpanda’s broad offer and commitment to demystifying investing for a new breed of retail investors means it is perfectly positioned to take advantage of the trend,”
Since its Series A funding, Bitpanda has seen some significant growth. Revenue for the first two months of 2021 already surpassed the revenue for the whole of 2020. In addition, the company has seen its user base grow from 1.3 million registered users to 2 million in just six months.
The company is exploring to add ETF’s and stocks to its offering and the latest funding round comes at a time where Bitpanda is firmly expanding its footprint across Europe. The company currently holds a presence in Italy, Spain, France, Poland and Turkey.