Wikipedia

Bitpanda

Bitpanda GmbH is an Austrian company headquartered in Vienna. Bitpanda provides a cryptocurrency broker, commodities and securities trading, and ETFs via their website and mobile app.[3][4] In 2021, Bitpanda achieved a valuation of over USD 4 billion.[5] The company was the first Austrian start-up to meet the criteria for unicorn status.[4]

Bitpanda GmbH
Company type
Private
IndustryFintech
FoundedVienna, 2014
FoundersEric Demuth
Paul Klanschek
Christian Trummer
Headquarters
Vienna
,
Austria
Key people
  • Eric Demuth (Managing Director)
  • Paul Klanschek (Managing Director)
  • Lukas Enzersdorfer-Konrad (Deputy Managing Director)
ServicesElectronic trading platform
RevenueUSD 161.81 million[1]
Number of employees
730 (2023)[2]
Websitewww.bitpanda.com

The revenue was US$98.66 million in 2022[6] and increased to US$161.81 million the following year.[1]

History

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Bitpanda Headquarters in Vienna

Founding and Orientation

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The company was founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer. In the early days, Bitpanda was a platform on which only cryptocurrencies were traded.[3] Initially, the company operated under the name Coinimal GmbH, while the cryptocurrency trading platform was always known as Bitpanda.[7] From 2017 onwards, vouchers for Bitcoins could be purchased at over 1,800 locations of the Österreichische Post, which could be redeemed on the Bitpanda platform.[8][9] In 2017, 15 employees achieved a net profit of US$12.49 million[10] and processed transactions with various cryptocurrencies amounting to US$672 million.[11] In 2018, the company was renamed Bitpanda GmbH.[12] In 2018, an office was opened in London.

Diversification of Services

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In summer 2019, Bitpanda launched a token called Best, which offered a discount on trading fees for payments.[13] In the same year, the company began integrating precious metal trading into its platform.[3]

In September 2020, the company raised US$58.2 million in an initial funding round. Investors included Peter Thiel's investment firm.[14] In a second investment round, Bitpanda raised a total of US$160 million, increasing the company's valuation to US$1.2 billion in March 2021. The main investors in this round were Valar Ventures and partners of DST Global. This made the company the first Austrian start-up to meet the criteria for unicorn status.[4]

In early 2021, the company partnered with Visa to introduce a debit card that could be used to pay for goods and services in cryptocurrency or commodities in stores.[15] In April 2021, it received a license for securities trading, allowing investments in fractional shares and ETFs.[3][13]

In another round of funding in August 2021, the company raised US$263 million, increasing its valuation to more than US$4 billion.[16] In this latest round, Valar Ventures, Alan Howard, and Redo Ventures participated again, along with existing investors LeadBlock Partners and Jump Capital.[16]

Cuts, Licensing, and Expansion

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Due to overly rapid growth with numerous new hires and the 70% decline in Bitcoin's price,[17] Bitpanda laid off 35% of its workforce on June 24, 2022.[18]

In July 2021, the company announced it would open an office in Berlin.[19] By the end of the year, Bitpanda received a crypto license from the Federal Financial Supervisory Authority, which not only allows for the custody of cryptocurrencies but also enables proprietary trading with them.[20]

Since 2023, Bitpanda has been operating a branch in the UK[21] and began a partnership with Coinbase to provide institutional clients with a regulated trading infrastructure.[22] Additionally, the company invested US$10.27 million in artificial intelligence development.[23] Through a collaboration with N26 Bank, Bitpanda's cryptocurrency trading platform was integrated into the N26 app, allowing bank customers to trade over 200 cryptocurrencies via the app.[24] Furthermore, since April 2023, Bitpanda has been partnering with Raiffeisenbank Niederösterreich-Wien, giving customers access to Bitpanda's cryptocurrency trading services through the bank's own platform.[25]

Since 2023, Deutsche Bank has served as the European bank for Bitpanda's cross-border services in Austria and Spain.[26] In April 2024, Bitpanda announced a collaboration with Landesbank Baden-Württemberg (LBBW) to enable LBBW corporate clients to custody and procure cryptocurrencies. In early June, Bitpanda expanded its partnership with Deutsche Bank to offer real-time payments for incoming and outgoing transactions.[27]

Corporate structure

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Since 2022, the Swiss Bitpanda Group AG has been serving as the parent company of Bitpanda GmbH.[28]

In addition to its executives, the company has a supervisory board consisting of three members. Bitpanda GmbH maintains investments and branches in Vienna, Berlin, Milan, Krakow, Bucharest, Amsterdam, Madrid, Barcelona, Dublin, and London.[10]

In the fiscal year 2023, 730 employees generated a revenue of US$161.81 million.[2][1]

Half of the company's workforce consists of programmers, while the remaining employees work in areas such as customer service, key account management, and human resources.[11] By May 2024, Bitpanda GmbH had over 4.5 million customers,[29] 25% of them in Germany.[30] The subsidiary Bitpanda Technology Solutions provides financial institutions with the trading infrastructure developed for cryptocurrencies by Bitpanda.[31] Clients include banks such as N26, Mambu, Lydia, Plum, Raiffeisenlandesbank Niederösterreich-Wien,[32][33] and Landesbank Baden-Württemberg.[20][34]

Products

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Through comprehensive regulatory licenses, Bitpanda GmbH is authorized to trade and custody cryptocurrencies for customers. These licenses extend across the entire European Economic Area.[20]

Through the electronic trading system Bitpanda, the company makes trading accessible for over 390 different cryptocurrencies on its website and mobile app, including Bitcoin, Ethereum, Tether, and Solana.[35]

In addition to cryptocurrency trading, Bitpanda offers investments in crypto indices[36] as well as short-term trading in the cryptocurrency market.[37] Furthermore, the company offers trading in precious metals such as gold and silver, as well as stocks and ETFs.[3][13] Bitpanda also provides a debit card in collaboration with Visa, for payments with cryptocurrencies, precious metals, and fiat currency.[15] Additionally, the company operates the educational platform Bitpanda Academy.[4]

Sponsoring

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In 2021, Bitpanda became the official global partner of the Davis Cup in men's tennis. At the beginning of 2022, the company formed a partnership with the Italian Rugby Federation, becoming the main and jersey sponsor of the Italian Rugby Union national team. Additionally, Bitpanda became a premium sponsor of the World Padel Tour, a sport derived from tennis.[10] Since January 2024, there has been a strategic partnership as a crypto partner with FC Bayern Munich.[38] At the start of the 2024 season, a partnership with the NFL commenced.[39] In August 2024, Bitpanda became a sponsor of AC Milan.[40] In January 2025 Eric Demuth, Bitpanda's founder and CEO donated 1.75 million Euros to German political parties CDU, FDP and SPD.[41]

Awards

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  • 2019: Entrepreneur Of The Year Award, awarded by EY[42]
  • 2021: Promoting-the-Best-Awards in the category of Best Legal Department, awarded by the Austrian digitalization platform Future Law in cooperation with the Association of Austrian Corporate Lawyers (VUJ)[43]

References

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  1. 1 2 3 Nestler, Franz (2024-05-17). "Schon gehört, dass…?". Frankfurter Allgemeine Zeitung. Retrieved 2024-10-15.
  2. 1 2 Nestler, Franz; Preuschat, Archibald (2022-08-11). "Krypto und Bären – das geht nicht gut". Frankfurter Allgemeine Zeitung. Retrieved 2024-10-15.
  3. 1 2 3 4 5 Danzer, Andreas (2021-03-16). "Erstes Einhorn Österreichs: Milliardenbewertung für Krypto-Firma Bitpanda". Der Standard. Retrieved 2024-10-15.
  4. 1 2 3 4 Zirm, Jakob (2021-05-23). "Österreichs Kapitel des Bitcoin-Märchens". Die Presse. Retrieved 2024-10-15.
  5. ↑ "Fintech: Bitpanda mit über vier Milliarden Dollar bewertet". Handelsblatt (in German). 2021-08-17. Archived from the original on 2022-05-10. Retrieved 2024-10-15.
  6. ↑ Schlenk, Caspar Tobias (2023-10-10). "Kryptobörse Bitpanda macht mehr als 100 Mio. Euro Verlust". Capital. Retrieved 2024-10-15.
  7. ↑ Hahn, Alexander (2017-09-23). "Digitalgeld Bitcoin steht vor Bewährungsprobe". Der Standard. Retrieved 2024-10-15.
  8. ↑ "Bitcoin nun bei der Post erhältlich". Oberösterreichische Nachrichten. 2017-07-12.
  9. ↑ "Post verkauft Hacker-Währung Bitcoin". Neue Vorarlberger Tageszeitung. 2017-07-12-
  10. 1 2 3 Nikbakhsh, Michael (2022-07-10): "Gib dem Panda Zucker". Profil. 2022-07-10.
  11. 1 2 Danzer, Andreas; Hahn, Alexander: "Wo virtuelle Währungen für echte Gehälter sorgen". Der Standard. 2018-01-20.
  12. ↑ "Bitpanda GmbH, Wien, Österreich". North Data. 2018-01-30. Retrieved 2024-10-15.
  13. 1 2 3 Vilgut, Roman (2021-08-18): "Heimische Kryptobörse knackt Rekord". Neue Vorarlberger Tageszeitung.
  14. ↑ Hajek, Dana (2020-09-29). "Österreich: Bitpanda erhält 52 Millionen Dollar – auch von Peter Thiel". BTC Echo. Retrieved 2024-10-15.
  15. 1 2 "Mit Bitcoin im Supermarkt zahlen: Bitpanda stellt Krypto-Debitkarte vor". Der Standard (in Austrian German). 2021-01-20. Archived from the original on 2021-10-21. Retrieved 2024-10-15.
  16. 1 2 Meisinger, Dominik (2021-08-17). "Bitpanda holt 263 Mio. Dollar Investment zu 4,1 Mrd. Dollar Bewertung". Brutkasten. Archived from the original on 2023-03-11.
  17. ↑ Stottmeyer, Madlen (2022-10-06). "Millionengewinn für Bitpanda". Die Presse. Retrieved 2024-10-15.
  18. ↑ O'Brien, Amy (2022-06-24). "Crypto trading platform Bitpanda cuts headcount by a third". Sifted. Retrieved 2024-10-15.
  19. ↑ Hunter, John Stanley (2021-07-13). "Bitpanda eröffnet Standort in Berlin". FinanceFWD (in German). Archived from the original on 2022-01-27. Retrieved 2024-10-15.
  20. 1 2 3 Godenrath, Björn: "Bitpanda stürzt sich mit Geldmarktfonds in den Zinswettbewerb". Börsen-Zeitung. 2023-06-16.
  21. ↑ "Bitpanda GmbH, Wien, Österreich". North Data. 2023-03-22. Retrieved 2024-10-15.
  22. ↑ Kremer, Marlen (2023-05-25). "Bitpanda und Coinbase: Krypto-Börsen mit neuer Partnerschaft". BTC Echo. Retrieved 2024-10-15.
  23. ↑ Stottmeyer, Madlen (2023-05-16). "Bitpanda investiert zehn Millionen Dollar in Künstliche Intelligenz". Die Presse. Retrieved 2024-10-15.
  24. ↑ Kapalschinski, Christoph : "N26 wird zum Krypto-Händler". Die Welt. 2023-01-18.
  25. ↑ Frohn, Philipp (2023-04-26). "Nach N26-Deal: Kryptobörse Bitpanda schließt weitere Bankenpartnerschaft". Wirtschaftswoche. Retrieved 2024-10-15.
  26. ↑ "Bitpanda-Kunden bekommen deutsche IBAN". Fonds online. 2024-06-04. Retrieved 2024-10-15.
  27. ↑ Schwarz, Dennis (2024-06-04). "Bitpanda baut Partnerschaft mit Deutscher Bank aus". Handelsblatt. Retrieved 2024-10-15.
  28. ↑ Danzer, Andreas; Graber, Renate: "Schweizer Mutter für Bitpanda". Der Standard. 2023-02-09.
  29. ↑ Homrich, Lukas (2024-05-16). "Bitpanda: Mehr als 140 Millionen Euro Umsatz – und zweistelliger Millionengewinn". Payment & Banking. Retrieved 2024-10-15.
  30. ↑ Döllel, Dominic (2024-01-12). "Das planen Bitpanda und der FC Bayern München in 2024". BTC Echo. Retrieved 2024-10-15.
  31. ↑ Nitsche, Nicole (2023-12-07). "Die Bitpanda Story: Vom Nischen-Start-up zum Krypto-Imperium". Payment & Banking. Retrieved 2024-10-15.
  32. ↑ Kleedorfer, Robert : "RLB NÖ-Wien prüft Kooperation mit Bitpanda". Kurier. 2023-04-27.
  33. ↑ Stottmeyer, Madlen (2024-01-25). "Raiffeisenlandesbank Wien startet Kryptohandel-App". Die Presse. Retrieved 2024-10-15.
  34. ↑ Schwarz, Dennis (2024-04-17). "LBBW schließt Partnerschaft mit Bitpanda". Handelsblatt. Retrieved 2024-10-15.
  35. ↑ "Kryptowährungen · Aktuelle Kurse & Charts". Bitpanda GmbH. 2024. Retrieved 2024-10-15.
  36. ↑ Hajek, Dana (2020-10-07). "Bitpanda lanciert Index für Top-25-Coins". BTC Echo. Retrieved 2024-10-15.
  37. ↑ Kremer, Marlen (2023-04-18). "Bitpanda startet Produkt zum Krypto-Hebel-Trading". BTC Echo. Retrieved 2024-10-15.
  38. ↑ Rudolph, Hauke (2024-01-12). "Bitpanda neuer Sponsor des FC Bayern München". Finanzbusiness. Retrieved 2024-10-15.
  39. ↑ "Bitpanda wird offizieller Partner der NFL". Brutkasten. 2024-09-05. Retrieved 2024-10-15.
  40. ↑ "Bitpanda wird Sponsor des AC Milan". Der Standard. 2024-08-16. Retrieved 2024-10-15.
  41. ↑ manager (2025-01-16). "Parteispenden: Bitpanda-Gründer Eric Demuth unterstützt CDU, CSU, SPD und FDP mit 1,75 Millionen Euro". www.manager-magazin.de (in German). Retrieved 2025-01-17.
  42. ↑ "EY Startup-Entrepreneurs of the Year: Bitpanda vor PlanRadar und Storebox". Brutkasten. 2019-10-21. Retrieved 2024-10-15.
  43. ↑ "SiegerInnen der Promoting-the-Best-Awards 2021 gekürt". Extrajournal.net. 2021-10-28. Retrieved 2024-10-15.
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