Company:Bitpanda

From HandWiki
Bitpanda GmbH
TypePrivate
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
RevenueUS$161.81 million[1]
Number of employees
730 (2023)[2]
Websitewww.bitpanda.com

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 US$4 billion.[5] The company was the first Austrian start-up to meet the criteria for unicorn status.[4] The revenue was $98.66 million in 2022,[6] and increased to $161.81 million the following year.[1]

History

Bitpanda Headquarters in Vienna

Founding and Orientation

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 $672 million.[11] In 2018, the company was renamed Bitpanda GmbH.[12] In 2018, an office was opened in London.

Diversification of Services

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 $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 $160 million, increasing the company's valuation to $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 $263 million, increasing its valuation to more than $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

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 $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]

Also 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

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, Kraków, 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

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

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 Italy national rugby union 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 to German political parties CDU/CSU, FDP, and SPD.[41]

Awards

  • 2019: Entrepreneur of the Year Award, awarded by Ernst & Young (E&Y).[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

  1. ↑ 1.0 1.1 1.2 Nestler, Franz (2024-05-17). "Schon gehört, dass…?". https://www.faz.net/aktuell/finanzen/schon-gehoert-dass-19727298.html. 
  2. ↑ 2.0 2.1 Nestler, Franz; Preuschat, Archibald (2022-08-11). "Krypto und Bären – das geht nicht gut". https://www.faz.net/aktuell/finanzen/finanzmarkt/bitcoin-seit-monaten-fallen-die-kurse-von-kryptowaehrungen-18235185.html. 
  3. ↑ 3.0 3.1 3.2 3.3 3.4 Danzer, Andreas (2021-03-16). "Erstes Einhorn Österreichs: Milliardenbewertung für Krypto-Firma Bitpanda". https://www.derstandard.de/story/2000125067135/erstes-einhorn-oesterreichs-milliardenbewertungkrypto-firma-bitpanda-mit. 
  4. ↑ 4.0 4.1 4.2 4.3 Zirm, Jakob (2021-05-23). "Österreichs Kapitel des Bitcoin-Märchens". https://www.diepresse.com/5983679/oesterreichs-kapitel-des-bitcoin-maerchens. 
  5. ↑ "Fintech: Bitpanda mit über vier Milliarden Dollar bewertet" (in de). 2021-08-17. https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/fintech-bitpanda-mit-ueber-vier-milliarden-dollar-bewertet/27524518.html. 
  6. ↑ Schlenk, Caspar Tobias (2023-10-10). "Kryptobörse Bitpanda macht mehr als 100 Mio. Euro Verlust". https://www.capital.de/wirtschaft-politik/exklusiv--kryptoboerse-bitpanda-macht-mehr-als-100-mio--euro-verlust-33898026.html. 
  7. ↑ Hahn, Alexander (2017-09-23). "Digitalgeld Bitcoin steht vor Bewährungsprobe". https://www.derstandard.at/story/2000061524621/digitalgeld-bitcoin-steht-vor-bewaehrungsprobe. 
  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. ↑ 10.0 10.1 10.2 Nikbakhsh, Michael (2022-07-10): "Gib dem Panda Zucker". Profil. 2022-07-10.
  11. ↑ 11.0 11.1 Danzer, Andreas; Hahn, Alexander: "Wo virtuelle Währungen für echte Gehälter sorgen". Der Standard. 2018-01-20.
  12. ↑ "Bitpanda GmbH, Wien, Österreich". 2018-01-30. https://www.northdata.de/?id=6537528444. 
  13. ↑ 13.0 13.1 13.2 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". https://www.btc-echo.de/news/oesterreich-bitpanda-erhaelt-52-millionen-dollar-auch-von-peter-thiel-100457/. 
  15. ↑ 15.0 15.1 "Mit Bitcoin im Supermarkt zahlen: Bitpanda stellt Krypto-Debitkarte vor" (in de-AT). 2021-01-20. https://www.derstandard.de/story/2000123454275/mit-bitcoin-im-supermarkt-zahlen-bitpanda-stellt-krypto-debitkarte-vor. 
  16. ↑ 16.0 16.1 Meisinger, Dominik (2021-08-17). "Bitpanda holt 263 Mio. Dollar Investment zu 4,1 Mrd. Dollar Bewertung". https://brutkasten.com/bitpanda-series-c-rekordinvestment/. 
  17. ↑ Stottmeyer, Madlen (2022-10-06). "Millionengewinn für Bitpanda". https://www.diepresse.com/6199443/millionengewinn-fuer-bitpanda. 
  18. ↑ O'Brien, Amy (2022-06-24). "Crypto trading platform Bitpanda cuts headcount by a third". https://sifted.eu/articles/crypto-bitpanda-layoffs-third-staff/. 
  19. ↑ Hunter, John Stanley (2021-07-13). "Bitpanda eröffnet Standort in Berlin" (in de). https://financefwd.com/de/bitpanda-standort-berlin/. 
  20. ↑ 20.0 20.1 20.2 Godenrath, Björn: "Bitpanda stürzt sich mit Geldmarktfonds in den Zinswettbewerb". Börsen-Zeitung. 2023-06-16.
  21. ↑ "Bitpanda GmbH, Wien, Österreich". 2023-03-22. https://www.northdata.de/?id=4942699927437312. 
  22. ↑ Kremer, Marlen (2023-05-25). "Bitpanda und Coinbase: Krypto-Börsen mit neuer Partnerschaft". https://www.btc-echo.de/news/bitpanda-und-coinbase-krypto-boersen-mit-neuer-partnerschaft-165014/. 
  23. ↑ Stottmeyer, Madlen (2023-05-16). "Bitpanda investiert zehn Millionen Dollar in Künstliche Intelligenz". https://www.diepresse.com/6288233/bitpanda-investiert-zehn-millionen-dollar-in-kuenstliche-intelligenz. 
  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". https://www.wiwo.de/finanzen/boerse/kryptowaehrungen-nach-n26-deal-kryptoboerse-bitpanda-schliesst-weitere-bankenpartnerschaft/29113778.html. 
  26. ↑ "Bitpanda-Kunden bekommen deutsche IBAN". 2024-06-04. https://www.fondsprofessionell.at/consent/?url=/index.php?id%3D8%26tx_fizend_pi1%255Bnews%255D%255Bid%255D%3D233204. 
  27. ↑ Schwarz, Dennis (2024-06-04). "Bitpanda baut Partnerschaft mit Deutscher Bank aus". https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/krypto-start-up-bitpanda-baut-partnerschaft-mit-deutscher-bank-aus/100042274.html. 
  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". https://paymentandbanking.com/bitpanda-mehr-als-140-millionen-euro-umsatz-und-zweistelliger-millionengewinn/. 
  30. ↑ Döllel, Dominic (2024-01-12). "Das planen Bitpanda und der FC Bayern München in 2024". https://www.btc-echo.de/news/bitpanda-krypto-boerse-wird-werbepartner-von-bayern-muenchen-177143/. 
  31. ↑ Nitsche, Nicole (2023-12-07). "Die Bitpanda Story: Vom Nischen-Start-up zum Krypto-Imperium". https://paymentandbanking.com/die-bitpanda-story-vom-nischen-start-up-zum-krypto-imperium/. 
  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". https://www.diepresse.com/18027661/raiffeisenlandesbank-wien-startet-kryptohandel-app. 
  34. ↑ Schwarz, Dennis (2024-04-17). "LBBW schließt Partnerschaft mit Bitpanda". https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/krypto-lbbw-schliesst-partnerschaft-mit-bitpanda-01/100031174.html. 
  35. ↑ "Kryptowährungen · Aktuelle Kurse & Charts". 2024. https://www.bitpanda.com/de/preise/kryptowaehrungen. 
  36. ↑ Hajek, Dana (2020-10-07). "Bitpanda lanciert Index für Top-25-Coins". https://www.btc-echo.de/news/bitpanda-lanciert-index-fuer-top-25-coins-100984/. 
  37. ↑ Kremer, Marlen (2023-04-18). "Bitpanda startet Produkt zum Krypto-Hebel-Trading". https://www.btc-echo.de/news/bitpanda-fintech-startet-produkt-zum-krypto-hebel-trading-162842/. 
  38. ↑ Rudolph, Hauke (2024-01-12). "Bitpanda neuer Sponsor des FC Bayern München". https://finanzbusiness.de/nachrichten/fintech/article16753990.ece. 
  39. ↑ "Bitpanda wird offizieller Partner der NFL". 2024-09-05. https://brutkasten.com/artikel/bitpanda-wird-offizieller-partner-der-nfl. 
  40. ↑ "Bitpanda wird Sponsor des AC Milan". 2024-08-16. https://www.derstandard.de/story/3000000232663/bitpanda-wird-sponsor-des-ac-milan. 
  41. ↑ manager (2025-01-16). "Parteispenden: Bitpanda-Gründer Eric Demuth unterstützt CDU, CSU, SPD und FDP mit 1,75 Millionen Euro" (in de). https://www.manager-magazin.de/unternehmen/parteispenden-bitpanda-gruender-eric-demuth-unterstuetzt-cdu-csu-spd-und-gruene-mit-1-75-millionen-euro-a-b453591c-0ec0-4b90-8410-3cf23b43aa85. 
  42. ↑ "EY Startup-Entrepreneurs of the Year: Bitpanda vor PlanRadar und Storebox". 2019-10-21. https://brutkasten.com/artikel/ey-entrepreneurs-of-the-year-2019. 
  43. ↑ "SiegerInnen der Promoting-the-Best-Awards 2021 gekürt". 2021-10-28. https://extrajournal.net/2021/10/28/siegerinnen-der-promoting-the-best-awards-2021-gekuert/. 

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