The Bitpanda service was founded in 2014 and today has about 240 employees. The company attracted initial funding in 2016 and conducted an initial stock exchange offer (IEO) in 2019. Together with the last round, the amount of investment it attracted came close to $100 million.
Company executives Eric Demut and Paul Klanshek said the funds will be used to expand the staff to 300 people and develop a variety of products, including adding support for new asset classes.
According to CoinGecko, Bitpanda Pro's trading volume is about $2 million per day. According to Klanshek, the platform's turnover in all areas, including precious metals trading, exceeded $1 billion in 2019.
Of the 34 countries served by Bitpanda, the company has identified France, Spain and Turkey as the most rapidly growing markets. The growing popularity of the decentralized finance space also had a positive impact on Bitpanda's business. "We have just launched DeFi markets in our brokerage service, and they have exceeded all expectations. People are really going crazy about buying DeFi- coins," Demut said.