Bitpanda
{{Short description|Austrian cryptocurrency broker}}
{{Infobox company
| name = Bitpanda GmbH
| logo = Bitpanda.svg
| type = Private
| traded_as =
| industry = Fintech
| fate =
| predecessor =
| successor =
| founded = Vienna, 2014
| founders = Eric Demuth
Paul Klanschek
Christian Trummer
| defunct =
| hq_location_city = Vienna
| hq_location_country = Austria
| area_served =
| key_people = * Eric Demuth (Managing Director)
- Paul Klanschek (Managing Director)
- Lukas Enzersdorfer-Konrad (Deputy Managing Director)
| services = Electronic trading platform
| owner =
| revenue = USD 161.81 million{{Cite web |last=Nestler |first=Franz |date=2024-05-17 |title=Schon gehört, dass…? |url=https://www.faz.net/aktuell/finanzen/schon-gehoert-dass-19727298.html |access-date=2024-10-15 |website=Frankfurter Allgemeine Zeitung}}
| num_employees = 730 (2023){{Cite web |last1=Nestler |first1=Franz |last2=Preuschat |first2=Archibald |date=2022-08-11 |title=Krypto und Bären – das geht nicht gut |url=https://www.faz.net/aktuell/finanzen/finanzmarkt/bitcoin-seit-monaten-fallen-die-kurse-von-kryptowaehrungen-18235185.html |access-date=2024-10-15 |website=Frankfurter Allgemeine Zeitung}}
| parent =
| subsid =
| website = {{URL|https://www.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.{{Cite web |last=Danzer |first=Andreas |date=2021-03-16 |title=Erstes Einhorn Österreichs: Milliardenbewertung für Krypto-Firma Bitpanda |url=https://www.derstandard.de/story/2000125067135/erstes-einhorn-oesterreichs-milliardenbewertungkrypto-firma-bitpanda-mit |access-date=2024-10-15 |website=Der Standard}}{{Cite web |last=Zirm |first=Jakob |date=2021-05-23 |title=Österreichs Kapitel des Bitcoin-Märchens |url=https://www.diepresse.com/5983679/oesterreichs-kapitel-des-bitcoin-maerchens |access-date=2024-10-15 |website=Die Presse}} In 2021, Bitpanda achieved a valuation of over USD 4 billion.{{Cite web |date=2021-08-17 |title=Fintech: Bitpanda mit über vier Milliarden Dollar bewertet |url=https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/fintech-bitpanda-mit-ueber-vier-milliarden-dollar-bewertet/27524518.html |url-status=live |archive-url=https://web.archive.org/web/20220510002814/https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/fintech-bitpanda-mit-ueber-vier-milliarden-dollar-bewertet/27524518.html |archive-date=2022-05-10 |access-date=2024-10-15 |website=Handelsblatt |language=de}} The company was the first Austrian start-up to meet the criteria for unicorn status.
The revenue was USD 98.66 million in 2022{{Cite web |last=Schlenk |first=Caspar Tobias |date=2023-10-10 |title=Kryptobörse Bitpanda macht mehr als 100 Mio. Euro Verlust |url=https://www.capital.de/wirtschaft-politik/exklusiv--kryptoboerse-bitpanda-macht-mehr-als-100-mio--euro-verlust-33898026.html |access-date=2024-10-15 |website=Capital}} and increased to USD 161.81 million the following year.
History
= 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. Initially, the company operated under the name Coinimal GmbH, while the cryptocurrency trading platform was always known as Bitpanda.{{Cite web |last=Hahn |first=Alexander |date=2017-09-23 |title=Digitalgeld Bitcoin steht vor Bewährungsprobe |url=https://www.derstandard.at/story/2000061524621/digitalgeld-bitcoin-steht-vor-bewaehrungsprobe |access-date=2024-10-15 |website=Der Standard}} 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."Bitcoin nun bei der Post erhältlich". Oberösterreichische Nachrichten. 2017-07-12."Post verkauft Hacker-Währung Bitcoin". Neue Vorarlberger Tageszeitung. 2017-07-12- In 2017, 15 employees achieved a net profit of USD 12.49 millionNikbakhsh, Michael (2022-07-10): "Gib dem Panda Zucker". Profil. 2022-07-10. and processed transactions with various cryptocurrencies amounting to USD 672 million.Danzer, Andreas; Hahn, Alexander: "Wo virtuelle Währungen für echte Gehälter sorgen". Der Standard. 2018-01-20. In 2018, the company was renamed Bitpanda GmbH.{{Cite web |date=2018-01-30 |title=Bitpanda GmbH, Wien, Österreich |url=https://www.northdata.de/?id=6537528444 |access-date=2024-10-15 |website=North Data}} 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. In the same year, the company began integrating precious metal trading into its platform.
In September 2020, the company raised USD 58.2 million in an initial funding round. Investors included Peter Thiel's investment firm.{{Cite web |last=Hajek |first=Dana |date=2020-09-29 |title=Österreich: Bitpanda erhält 52 Millionen Dollar – auch von Peter Thiel |url=https://www.btc-echo.de/news/oesterreich-bitpanda-erhaelt-52-millionen-dollar-auch-von-peter-thiel-100457/ |access-date=2024-10-15 |website=BTC Echo}} In a second investment round, Bitpanda raised a total of USD 160 million, increasing the company's valuation to USD 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.
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.{{cite web |date=2021-01-20 |title=Mit Bitcoin im Supermarkt zahlen: Bitpanda stellt Krypto-Debitkarte vor |url=https://www.derstandard.de/story/2000123454275/mit-bitcoin-im-supermarkt-zahlen-bitpanda-stellt-krypto-debitkarte-vor |url-status=live |archive-url=https://web.archive.org/web/20211021140107/https://www.derstandard.de/story/2000123454275/mit-bitcoin-im-supermarkt-zahlen-bitpanda-stellt-krypto-debitkarte-vor |archive-date=2021-10-21 |access-date=2024-10-15 |website=Der Standard |publisher= |pages= |language=de-AT |format= |quote= }} In April 2021, it received a license for securities trading, allowing investments in fractional shares and ETFs.
In another round of funding in August 2021, the company raised USD 263 million, increasing its valuation to more than USD 4 billion.{{cite web |last=Meisinger |first=Dominik |date=2021-08-17 |title=Bitpanda holt 263 Mio. Dollar Investment zu 4,1 Mrd. Dollar Bewertung |url=https://brutkasten.com/bitpanda-series-c-rekordinvestment/ |url-status=live |archive-url=https://web.archive.org/web/20230311211312/https://brutkasten.com/bitpanda-series-c-rekordinvestment/2/ |archive-date=2023-03-11 |access-date= |website=Brutkasten}} In this latest round, Valar Ventures, Alan Howard, and Redo Ventures participated again, along with existing investors LeadBlock Partners and Jump Capital.
= Cuts, Licensing, and Expansion =
Due to overly rapid growth with numerous new hires and the 70% decline in Bitcoin's price,{{Cite web |last=Stottmeyer |first=Madlen |date=2022-10-06 |title=Millionengewinn für Bitpanda |url=https://www.diepresse.com/6199443/millionengewinn-fuer-bitpanda |access-date=2024-10-15 |website=Die Presse}} Bitpanda laid off 35% of its workforce on June 24, 2022.{{cite web |last=O'Brien |first=Amy |date=2022-06-24 |title=Crypto trading platform Bitpanda cuts headcount by a third |url=https://sifted.eu/articles/crypto-bitpanda-layoffs-third-staff/ |access-date=2024-10-15 |website=Sifted}}
In July 2021, the company announced it would open an office in Berlin.{{Cite web |last=Hunter |first=John Stanley |date=2021-07-13 |title=Bitpanda eröffnet Standort in Berlin |url=https://financefwd.com/de/bitpanda-standort-berlin/ |url-status=live |archive-url=https://web.archive.org/web/20220127012912/https://financefwd.com/de/bitpanda-standort-berlin/ |archive-date=2022-01-27 |access-date=2024-10-15 |website=FinanceFWD |language=de}} 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.Godenrath, Björn: "Bitpanda stürzt sich mit Geldmarktfonds in den Zinswettbewerb". Börsen-Zeitung. 2023-06-16.
Since 2023, Bitpanda has been operating a branch in the UK{{Cite web |date=2023-03-22 |title=Bitpanda GmbH, Wien, Österreich |url=https://www.northdata.de/?id=4942699927437312 |access-date=2024-10-15 |website=North Data}} and began a partnership with Coinbase to provide institutional clients with a regulated trading infrastructure.{{Cite web |last=Kremer |first=Marlen |date=2023-05-25 |title=Bitpanda und Coinbase: Krypto-Börsen mit neuer Partnerschaft |url=https://www.btc-echo.de/news/bitpanda-und-coinbase-krypto-boersen-mit-neuer-partnerschaft-165014/ |access-date=2024-10-15 |website=BTC Echo}} Additionally, the company invested USD 10.27 million in artificial intelligence development.{{Cite web |last=Stottmeyer |first=Madlen |date=2023-05-16 |title=Bitpanda investiert zehn Millionen Dollar in Künstliche Intelligenz |url=https://www.diepresse.com/6288233/bitpanda-investiert-zehn-millionen-dollar-in-kuenstliche-intelligenz |access-date=2024-10-15 |website=Die Presse}} 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.Kapalschinski, Christoph : "N26 wird zum Krypto-Händler". Die Welt. 2023-01-18. 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.{{Cite web |last=Frohn |first=Philipp |date=2023-04-26 |title=Nach N26-Deal: Kryptobörse Bitpanda schließt weitere Bankenpartnerschaft |url=https://www.wiwo.de/finanzen/boerse/kryptowaehrungen-nach-n26-deal-kryptoboerse-bitpanda-schliesst-weitere-bankenpartnerschaft/29113778.html |access-date=2024-10-15 |website=Wirtschaftswoche}}
Since 2023, Deutsche Bank has served as the European bank for Bitpanda's cross-border services in Austria and Spain.{{Cite web |date=2024-06-04 |title=Bitpanda-Kunden bekommen deutsche IBAN |url=https://www.fondsprofessionell.at/consent/?url=/index.php?id%3D8%26tx_fizend_pi1%255Bnews%255D%255Bid%255D%3D233204 |access-date=2024-10-15 |website=Fonds online}} 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.{{Cite web |last=Schwarz |first=Dennis |date=2024-06-04 |title=Bitpanda baut Partnerschaft mit Deutscher Bank aus |url=https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/krypto-start-up-bitpanda-baut-partnerschaft-mit-deutscher-bank-aus/100042274.html |access-date=2024-10-15 |website=Handelsblatt}}
Corporate structure
Since 2022, the Swiss Bitpanda Group AG has been serving as the parent company of Bitpanda GmbH.Danzer, Andreas; Graber, Renate: "Schweizer Mutter für Bitpanda". Der Standard. 2023-02-09.
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.
In the fiscal year 2023, 730 employees generated a revenue of USD 161.81 million.
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. By May 2024, Bitpanda GmbH had over 4.5 million customers,{{Cite web |last=Homrich |first=Lukas |date=2024-05-16 |title=Bitpanda: Mehr als 140 Millionen Euro Umsatz – und zweistelliger Millionengewinn |url=https://paymentandbanking.com/bitpanda-mehr-als-140-millionen-euro-umsatz-und-zweistelliger-millionengewinn/ |access-date=2024-10-15 |website=Payment & Banking}} 25% of them in Germany.{{Cite web |last=Döllel |first=Dominic |date=2024-01-12 |title=Das planen Bitpanda und der FC Bayern München in 2024 |url=https://www.btc-echo.de/news/bitpanda-krypto-boerse-wird-werbepartner-von-bayern-muenchen-177143/ |access-date=2024-10-15 |website=BTC Echo}} The subsidiary Bitpanda Technology Solutions provides financial institutions with the trading infrastructure developed for cryptocurrencies by Bitpanda.{{Cite web |last=Nitsche |first=Nicole |date=2023-12-07 |title=Die Bitpanda Story: Vom Nischen-Start-up zum Krypto-Imperium |url=https://paymentandbanking.com/die-bitpanda-story-vom-nischen-start-up-zum-krypto-imperium/ |access-date=2024-10-15 |website=Payment & Banking}} Clients include banks such as N26, Mambu, Lydia, Plum, Raiffeisenlandesbank Niederösterreich-Wien,Kleedorfer, Robert : "RLB NÖ-Wien prüft Kooperation mit Bitpanda". Kurier. 2023-04-27.{{Cite web |last=Stottmeyer |first=Madlen |date=2024-01-25 |title=Raiffeisenlandesbank Wien startet Kryptohandel-App |url=https://www.diepresse.com/18027661/raiffeisenlandesbank-wien-startet-kryptohandel-app |access-date=2024-10-15 |website=Die Presse}} and Landesbank Baden-Württemberg.{{Cite web |last=Schwarz |first=Dennis |date=2024-04-17 |title=LBBW schließt Partnerschaft mit Bitpanda |url=https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/krypto-lbbw-schliesst-partnerschaft-mit-bitpanda-01/100031174.html |access-date=2024-10-15 |website=Handelsblatt}}
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.
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.{{Cite web |year=2024 |title=Kryptowährungen · Aktuelle Kurse & Charts |url=https://www.bitpanda.com/de/preise/kryptowaehrungen |access-date=2024-10-15 |website=Bitpanda GmbH}}
In addition to cryptocurrency trading, Bitpanda offers investments in crypto indices{{Cite web |last=Hajek |first=Dana |date=2020-10-07 |title=Bitpanda lanciert Index für Top-25-Coins |url=https://www.btc-echo.de/news/bitpanda-lanciert-index-fuer-top-25-coins-100984/ |access-date=2024-10-15 |website=BTC Echo}} as well as short-term trading in the cryptocurrency market.{{Cite web |last=Kremer |first=Marlen |date=2023-04-18 |title=Bitpanda startet Produkt zum Krypto-Hebel-Trading |url=https://www.btc-echo.de/news/bitpanda-fintech-startet-produkt-zum-krypto-hebel-trading-162842/ |access-date=2024-10-15 |website=BTC Echo}} Furthermore, the company offers trading in precious metals such as gold and silver, as well as stocks and ETFs.Vilgut, Roman (2021-08-18): "Heimische Kryptobörse knackt Rekord". Neue Vorarlberger Tageszeitung. Bitpanda also provides a debit card in collaboration with Visa, for payments with cryptocurrencies, precious metals, and fiat currency. Additionally, the company operates the educational platform Bitpanda Academy.
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 Italian Rugby Union national team. Additionally, Bitpanda became a premium sponsor of the World Padel Tour, a sport derived from tennis. Since January 2024, there has been a strategic partnership as a crypto partner with FC Bayern Munich.{{Cite web |last=Rudolph |first=Hauke |date=2024-01-12 |title=Bitpanda neuer Sponsor des FC Bayern München |url=https://finanzbusiness.de/nachrichten/fintech/article16753990.ece |access-date=2024-10-15 |website=Finanzbusiness}} At the start of the 2024 season, a partnership with the NFL commenced.{{Cite web |date=2024-09-05 |title=Bitpanda wird offizieller Partner der NFL |url=https://brutkasten.com/artikel/bitpanda-wird-offizieller-partner-der-nfl |access-date=2024-10-15 |website=Brutkasten}} In August 2024, Bitpanda became a sponsor of AC Milan.{{Cite web |date=2024-08-16 |title=Bitpanda wird Sponsor des AC Milan |url=https://www.derstandard.de/story/3000000232663/bitpanda-wird-sponsor-des-ac-milan |access-date=2024-10-15 |website=Der Standard}} In January 2025 Eric Demuth, Bitpanda's founder and CEO donated 1.75 million Euros to German political parties CDU, FDP and SPD.{{Cite web |last=manager |date=2025-01-16 |title=Parteispenden: Bitpanda-Gründer Eric Demuth unterstützt CDU, CSU, SPD und FDP mit 1,75 Millionen Euro |url=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 |access-date=2025-01-17 |website=www.manager-magazin.de |language=de}}
Awards
- 2019: Entrepreneur Of The Year Award, awarded by EY{{Cite web |date=2019-10-21 |title=EY Startup-Entrepreneurs of the Year: Bitpanda vor PlanRadar und Storebox |url=https://brutkasten.com/artikel/ey-entrepreneurs-of-the-year-2019 |access-date=2024-10-15 |website=Brutkasten}}
- 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){{Cite web |date=2021-10-28 |title=SiegerInnen der Promoting-the-Best-Awards 2021 gekürt |url=https://extrajournal.net/2021/10/28/siegerinnen-der-promoting-the-best-awards-2021-gekuert/ |access-date=2024-10-15 |website=Extrajournal.net}}
References
{{reflist}}
External links
- {{official website|https://www.bitpanda.com/de}}
{{Cryptocurrency exchanges}}
{{DEFAULTSORT:Bitpanda}}
Category:Austrian companies established in 2014
Category:Companies based in Vienna