STOCKHOLM, Aug 17 (Reuters) – Austrian cryptocurrency dealer Bitpanda stated on Tuesday it had raised $263 million at a valuation of $4.1 billion in a funding spherical led by Valar Ventures, a enterprise capital agency based by billionaire Peter Thiel.
The brand new spherical greater than triples the dealer’s valuation from March, when it raised $170 million at a valuation of $1.2 billion. British hedge fund supervisor Alan Howard, REDO Ventures, LeadBlock Companions and Bounce Capital additionally invested within the present spherical.
Whereas cryptocurrencies together with Bitcoin witnessed vigorous worth volatility, they’re slowly getting adopted by larger firms. That surge had pushed one other crypto alternate Coinbase’s valuation to as excessive as $112 billion when it made its market debut in April.
The fintech area has seen a variety of loopy valuations as, there should not many good firms and traders don’t wish to miss out, Bitpanda Chief Government Officer Eric Demuth stated.
“We’re worthwhile for 5 years now, consistently, yearly.”
Bitpanda, which at present has 3 million customers and presence in eight European international locations, plans to aggressively develop into different international locations this 12 months.
Its platform gives customers the flexibleness to spend money on a spread of merchandise akin to fractional shares, cryptocurrencies and valuable metals — from as little as $1.
Demuth stated the corporate has no present plans to go public but however when it decides it could want the direct itemizing route identical to firms such Coinbase, RobinHood and Smart.
“We are going to take our time in that regard.”
Reporting by Supantha Mukherjee, European Expertise & Telecoms Correspondent, based mostly in Stockholm; Modifying by Rashmi Aich