Many Blockchain technology and crypto services firms have resorted to creating innovative and bespoke digital products and services to cope with the recent boom of the space. The expansion of the $2 trillion crypto market has now continued to birth more innovations, as several big names within and outside the crypto space want to get into the party. Bitpanda, one of Europe’s most important crypto places, is now the beneficiary of a new funding round led by Valar Ventures. The Blockchain technology firm is expected to expand its business horizons.
Bitpanda now a unicorn in Austria
In the Austrian Crypto trading firm’s announcement, the new Series B funding now places their gross value above $1 billion. The gross valuation of the crypto brokerage firm is estimated to be $1.2 billion. In the statement of one of the Senior Executive of Valar, James Fitzergerald, he believes that Bitpanda’s position as a diversified corporation with interest in several revenue-generating businesses makes them the ideal partner beneficiary of the new funding. Fitzergerald believes that the harsh economic impact of COVID-19 last year had raised the demand for personal finance.
He believes that the experience and exposure of Bitpanda in that sector make them an ideal firm to exploit the business opportunities in the segment. Also, in his statement to the press, Eric Demuth- CEO of Bitpanda, expressed his excitement at the new funding, which makes them one of the unicorns in Austria. Demuth believes that the new funding will help the company with its plans to explore new markets. According to Demuth, one of the missions of Bitpanda is to enable people to build a financial future, regardless of income or knowledge. Demuth believes that the company will now be able to take their services beyond Austria and Europe, as they have plans to target emerging markets in other parts of the world.
Bitpanda is set to launch an ETF next month
It is worthy to note that, while Valar Ventures headline the new $170 million funding for Bitpanda, DST Global and a few other ventures were significant contributors to the Series B funding. Demuth, in his interview, confirmed that Bitpanda is set to offer several digital tradeable assets like Crypto exchange-traded funds (ETFs), which will launch next month. ETFs are a unique kind of stock that allows investors to get exposure to digital assets without owning or holding them.
The launch of both Purpose and Evolve ETFs in Canada last month, which was met with loud applause, is now set to propel Bitpanda into launching theirs. Evolve Bitcoin ETF, one of the successful ETFs, is now planning to launch an Ethereum ETF, which shows how receptive the crypto community has been to the ETFs. However, while the U.S Securities and Exchange Commission (SEC) has declined every application for ETF license in its country, Bitpanda, whose services are mainly registered in Austria, will likely have no issue with getting a license for an ETF.