On Tuesday, Austrian cryptocurrency exchange Bitpanda announced they had raised $263 million at a valuation of $4.1 billion in a Series C investment round led by Valar Ventures. Alan Howard and REDO Ventures and existing investors LeadBlock Partners and Jump Capital participated in the round. Valar is a venture capital firm founded by billionaire Peter Thiel. In March, Bitpanda raised $170 million at a valuation of $1.2 billion. With these results, the valuation has more than tripled, Reuters reports.

Back when Coinbase debuted in April, it was valued at $112 billion. The volatility of cryptocurrency prices, including that of Bitcoin (BTC/USD), led to a gradual, but sure adoption by bigger companies. According to Bitpanda CEO Eric Demuth, the fintech space has “seen a lot of crazy valuations because there are not many good companies and investors don’t want to miss out. We are profitable for five years now, constantly, every year.”

At the moment, Bitpanda has 3 million users in eight European countries. The exchange intends to expand aggressively into other countries in 2021. It provides users with the flexibility to invest in precious metals, crypto, fractional stocks, and other products starting at a minimum threshold of $1.

For now, Bitpanda has no immediate plans to go public. However, a public listing is definitely in their future and when the time comes, they’ll go the direct route like Wise, RobinHood, and Coinbase.

Binpanda’s team wrote in a press release:

“Looking back, it’s been an incredible journey. We started Bitpanda in 2014 as a crypto-trading company. Since then, we’ve grown into a well-rounded investment platform that gives everyone the freedom and flexibility to invest in what they believe in; commission-free fractional stocks*, cryptocurrencies or precious metals – with any amount of money. With 3 million users, we’re proud to now be one of the fastest-growing fintechs in Europe. And this is just the beginning!”

The team expresses gratitude for the vote of confidence from old and new investors. Their advice and expertise are incredibly valuable. The exchange will focus on strengthening their team with the right talent as they keep scaling operations. International expansion and growth is a top priority. They plan to launch new products and markets and open new offices in line with goals related to growth optimization.  

The post Bitpanda triples its valuation at $4.1B in Series C investment round appeared first on Invezz.

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