Cryptocurrency exchange Bitpanda has raised $52 million in its first major funding round, Series A led by PayPal co-founder Peter Thiel’s Valar Ventures. Other backers included Austrian Speedinvest and other unmanned investors.
As part of the investment, Valar Ventures’ founding partner Andrew McCormack will also join the board of the centralized exchange.
Founded in 2014, the Vienna-based company boasts of 1.3 million users and 300 employees. It is focused on trading digital assets along with tokenizing precious metals. This year, the exchange expanded to France, Spain, and Turkey and further plans to enter other European markets as well.
The new funding round will be used for this expansion to offer users access to stock markets next year and recruit 70 new employees.
With this move, the digital investment platform is expanding into real-world assets joining the likes of eToro, Robinhood, and Revolut, which came from the traditional assets’ world and now entering the world of crypto assets.
“The Robinhood movement in the U.S. helps a lot, but we want to be more customer-friendly,” said Eric Demuth, co-founder, and co-chief executive officer of Bitpanda.