Following years of resistance, mainstream investors are opening up to digital currency startups as bitcoin (BTC) continues to show vigor and soars to impressive heights.
One such startup has seized the opportunity to emerge as Austria’s very first unicorn — a term used in the venture capital industry to describe a privately held startup that’s worth more than a billion dollars.
Digital investment platform Bitpanda has secured a Series B funding round for $170 million, pushing the startup’s valuation to $1.2 billion.
Catering to a wider stream of assets
One of the larger cryptocurrency startups in Europe plans to open its platform to a broader stream of assets. Bitpanda seeks to make it very convenient for ordinary folks to invest not just in virtual assets but also precious metals like gold, and any established stock.
According to a media release, Bitpanda’s funding round was spearheaded by Valar Ventures and saw participation from the partners of DST Global.
“Becoming Austria’s first unicorn is a great achievement, and I am incredibly proud of the team for everything we’ve accomplished over the past few years,” Finance Magnates quoted Bitpanda co-founder and chief executive officer Eric Demuth, as saying.
The Vienna-based funding round is a major step-up in funding size for the company, which secured $52 million last September from investors, including Speedinvest.
Completed last week, the raise is now awaiting approval by the Austrian Financial Market Authority.
A platform to entice European investors
Bitpanda’s focus up to now, according to Demuth, has been mainly on establishing a platform to cater to investors in Europe, a largely untapped market, as it happens.
In 2020, Bitpanda entered France, Turkey, Spain, Poland and Italy and is currently planning to establish a presence in Paris, Barcelona, Madrid, Berlin and London.
Bitpanda disclosed that its user base increased to more than 2 million, and its total revenue for the first two months this year topped the entire revenue of 2020, although it did not provide any details.
Image courtesy of Bitpanda/YouTube Screenshot