Bitpanda plans to take advantage of Crypto bullrun after tripling valuation in just 5 months

European cryptocurrency exchange Bitpanda has raised $ 263 million as part of a new funding round, currently valuing the exchange at $ 4.1 million. This is 3 times the value of Bitpanda when it last raised money just 5 months ago. 

The funding round, led by Peter Thiel, was backed by Valar Ventures, according to an article on CNBC this morning. This is the third time Valar Ventures has backed Bitpanda, helping it achieve a valuation of about $ 500 million. 

Eric Demuth, CEO and co-founder of Bitpanda, spoke about the fundraising: 

“I don’t like fundraising. This is very time consuming.” 

“If you have partners you’re close to and they have deep pockets, you don’t have to do a whole show. The Valar wanted to double and we wanted to stay with them, ” he added. “It was a very simple process.” 

Bitpanda is a real estate agency similar to eToro and Revolut. It allows its users to trade cryptocurrencies and precious metals. It also began testing a new service that would allow its customers to trade shares even after hours and on weekends. 

One important way Bitpanda hopes to offer a different product to its competitors is to license its technology to other companies, such as banks and fintech companies. 

According to CEO Demut, Bitpanda has been profitable for the past five years, a rarity these days when so many fintech companies are running at sizable losses. Demut believes many companies are raising money to take advantage of the hype around cryptocurrencies. 

The Hype is very real right now. Bitcoin has been the target of a large proportion of positions lost after a 50% + correction, with cryptogeld’s market capitalisation reaching $ 2 billion and not seen since the correction began in May. 

Bitpanda has more than 3 million users and operates only in Europe. The company plans to use the funds raised to expand into major Sundays such as France, Spain, Italy and P

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