European cryptocurrency brokerage Bitpanda announced the close of its Series A funding round, raising $52 million.
$52M Series A funding from Valar closed! It’s a major vote of confidence in @bitpanda & our vision. This investment will support our mission to become the leading investment & trading platform in Europe. Thank you for your trust @andrewjmack & Jameshttps://t.co/9osDn2YBVL
— Eric Demuth (@eric_demuth) September 29, 2020
The round was led by Valar Ventures, the fund of PayPal co-founder Peter Thiel.
Bitpanda plans to allocate the funds to expand its staff to 300 employees and develop new products.
Together with the latest funding round, the total amount raised is about $100 million, the company said.
According to CoinGecko data, Bitpanda Pro’s trading volume stands at more than $2 million per day. According to one of Bitpanda’s executives, Paul Klanschak, the platform’s turnover across all segments last year exceeded $1 billion.
The company also noted that the fastest-growing crypto markets among the 34 countries served by Bitpanda are France, Spain and Turkey.
As reported, through a partnership between Bitpanda and the Austrian Post postal service, more than 1,800 post offices began selling cryptocurrencies in 2017.
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