Bitpanda Explained

Bitpanda GmbH
Type:Private
Industry:Fintech
Predecessors:-->
Successors:-->
Founded:Vienna, 2014
Founders:Eric Demuth
Paul Klanschek
Christian Trummer
Hq Location City:Vienna
Hq Location Country:Austria
Key People:Paul Klanschek,
CEO
Services:Electronic trading platform
Num Employees:500 (2021)

Bitpanda GmbH is an Austrian company headquartered in Vienna. Bitpanda's mobile app provides access to its trading platform, which provides a cryptocurrency exchange, commodities and securities trading, and ETFs. In 2021, Bitpanda achieved a valuation of over four billion US dollars[1] and had nearly 2.7 million customers and almost 500 employees.[2]

On June 24, 2022, the company announced layoffs of 35% of its workforce[3] despite stating internally that they would not do so weeks earlier.[4]

History

The company was founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer.[5] The company was first called Coinimal and changed its name to Bitpanda in 2016. In 2018, an office was opened in London. Initially, Bitpanda was a platform on which only cryptocurrencies were traded. In 2019, it also launched trading in precious metals and in April 2021, it launched trading in securities.[6]

In September 2020, the company raised $52 million in an initial funding round. Investors included Peter Thiel's investment firm.[7] In early 2021, the company partnered with Visa to introduce a debit card that people could use to pay for goods and services in cryptocurrency or commodities in stores.[8]

In another round of funding in August 2021, the company raised $260 million, increasing its valuation to more than $4 billion.[9] In 2021, the company announced it would open an office in Berlin.

Products

Bitpanda's offerings include trading in cryptocurrencies such as Bitcoin or Ethereum, commodities such as silver and gold, and various securities and funds. Cryptocurrencies can be stored in a digital wallet on Bitpanda's platform and can also be sent to other users. In addition, the company also offers its own debit card in cooperation with Visa.[10]

Notes and References

  1. Web site: Fintech: Bitpanda mit über vier Milliarden Dollar bewertet. 2021-10-21. www.handelsblatt.com. de. 2022-05-10. https://web.archive.org/web/20220510002814/https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/fintech-bitpanda-mit-ueber-vier-milliarden-dollar-bewertet/27524518.html. live.
  2. Web site: 2021-07-13. Bitpanda eröffnet Standort in Berlin. 2021-10-21. FinanceFWD. de. 2022-01-27. https://web.archive.org/web/20220127012912/https://financefwd.com/de/bitpanda-standort-berlin/. live.
  3. Web site: Bitpanda . The Way Forward . Bitpanda Blog . 2022-10-02 . 2022-10-06 . https://web.archive.org/web/20221006062527/https://blog.bitpanda.com/en/way-forward . live .
  4. Web site: Crypto trading platform Bitpanda cuts headcount by a third | Sifted . 24 June 2022 . 2 October 2022 . 2 October 2022 . https://web.archive.org/web/20221002191250/https://sifted.eu/articles/crypto-bitpanda-layoffs-third-staff/ . live .
  5. Web site: Erstes Einhorn Österreichs: Milliardenbewertung für Krypto-Firma Bitpanda. 2021-10-21. DER STANDARD. de-AT. 2021-10-21. https://web.archive.org/web/20211021215154/https://www.derstandard.de/story/2000125067135/erstes-einhorn-oesterreichs-milliardenbewertungkrypto-firma-bitpanda-mit. live.
  6. Web site: Mit Bitcoin im Supermarkt zahlen: Bitpanda stellt Krypto-Debitkarte vor . live . https://web.archive.org/web/20211021140107/https://www.derstandard.de/story/2000123454275/mit-bitcoin-im-supermarkt-zahlen-bitpanda-stellt-krypto-debitkarte-vor . 2021-10-21 . de-AT . Der Standard .
  7. Web site: 2020-09-29. Bitpanda sammelt 52 Millionen Dollar in Series A-Runde. 2021-10-21. brutkasten. de. 2021-10-21. https://web.archive.org/web/20211021141742/https://brutkasten.com/bitpanda-investment/. live.
  8. Web site: Mit Bitcoin im Supermarkt zahlen: Bitpanda stellt Krypto-Debitkarte vor. 2021-10-21. DER STANDARD. de-AT. 2021-10-21. https://web.archive.org/web/20211021140107/https://www.derstandard.de/story/2000123454275/mit-bitcoin-im-supermarkt-zahlen-bitpanda-stellt-krypto-debitkarte-vor. live.
  9. Web site: Bitpanda holt 263 Mio. Dollar Investment zu 4,1 Mrd. Dollar Bewertung. Brutkasten. live. https://web.archive.org/web/20230311211312/https://brutkasten.com/bitpanda-series-c-rekordinvestment/2/. 2023-03-11. 2021-08-17. de.
  10. Web site: Bitpanda . The Bitpanda Visa Card: More than a Crypto Card . 2023-09-01 . www.bitpanda.com . en.

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