Branded as Australia’s first-ever tech giant has further enhanced its net worth. Bitpanda crowned as the country’s first tech unicorn back in March is one of the fastest-growing fintech crypto companies.
Bitpanda, one of the fastest-growing companies, accumulated the market capitalization of $263 million in a Series C funding round. Some of the other notable companies that joined the series are Peter Thiel’s Valar Ventures. Bitnpanda’s market value is around $4.1 billion. It comes just months after a $170 million Series B in March, at that moment of time Company was valued around 1.2 billion.
A series of successful fundraising campaigns have established Bitpanda as the country’s first-ever tech unicorn. However, the company’s top leadership said that capital would be used to further improve technology infrastructure, global expansion, and market growth.
Some other major names who participated in fundraising are Alan Howard, a billionaire hedge fund manager, REDO Ventures, existing investors of LeadBlock Partners, and Jump Capital.
Bitpanda, a bitcoin exchange founded back in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, has now expanded beyond crypto trading. Bitpanda now offers stocks and equity trade as well.
Crypto scholars have their own opinion on this matter. They believe that the recent fundraising is an important factor for the development of crypto infrastructure in Australia. This will also allow Australian users to easily trade bitcoin by using Bitpanda exchange. Crypto traders in Australia have welcomed this new initiative and said they are hopeful regarding the country’s digital future.
Bitpanda has also paved the way for diverse communities. The crypto exchange is offering crypto and stock trade on the same platform. The integration of crypto and stock trading will further eliminate the gaps and bring these communities on the same page. Bitnpanda’s recent fundraising is more inclined towards the market infrastructure. The money would be used to improve the overall security of the system. The availability of funds will also help the company to further expand its operations in Europe.
The company’s CEO, Eric Demuth, said that Bitpanda has been earning profits for the past many years. So, generating funds is not a matter of urgency. However, the current raise points out a company’s primary ambition of establishing itself as a primary investment platform.