The Cryptomotes trading application will use the funds to build a pan-European offering and introduce new features such as stock market trading.
Bitpanda is a Vienna, Austria-based Crypto Comeback Pro and equity trading platform that has raised more than $52 million from major investors such as Paypal founder Peter Thiel and others in a recent round of funding, according to a press release.
The investment was led by Valar Ventures, of Thiel, and included other investment funds focused on fintechs, such as Speedinvest. Bitpanda claims it was Europe’s largest A Series focused on cryptomorphs by 2020.
The brokerage house – which has 1.3 million users – aims to expand its business and become a leader in Europe’s growing digital finance industry. In 2020, the company also launched new payment and savings platforms and said part of the resources will be used to improve its product offering.
„By using industry-leading technology and building innovative financial tools, we are democratising investments and giving access to financial markets for everyone, regardless of their financial means,“ Bitpanda founder Eric Demuth said in the statement.
As part of the investment, Valar Ventures‘ founding partner, Andrew McCormack, will also be on the Bitpanda board. McCormack has an extensive track record of growing digital champions. He joined PayPal in the early years and supported Thiel during his IPO and eventual sale to eBay in 2002.
By 2020, the exchange has expanded to France, Spain and Turkey and will enter other European markets in the next two years. It will also launch new product offerings, such as stock market trading, in early 2021 as part of the expansion.