Bit Panda in Vienna, Austria recently emerged with several additional funds under its wing, and it’s been revealed that much of that money came from billionaire Peter Thiel and his company Valar Ventures.
Bit Panda Garners Funds From Thiel
More than $50 million (roughly $52 million total) was garnered by the company from Thiel through a Series A funding round that included several other investors such as Speed Invest. The firm is planning to utilize the money to ensure its products are available in European markets. It’s also looking to introduce new products sometime within the next year.
In addition, Andrew McCormack – a partner at Valar – has announced that he’ll be joining the board of Bit Panda due to the money his company has given. In a statement, he explains:
We believe Bit Panda is perfectly positioned to take advantage of the opportunity by scaling across Europe and continuing to attract loyal users, which the team has already proven they can do profitably.
CEO of Bit Panda Eric Demuth was also quick to put his two cents in, mentioning:
Our goal is to become the leading investment and trading platform in Europe, not only for the people who are already familiar with trading, but for everyone.
Thus far, the company has managed to double its annual revenue. It also currently boasts more than one million users. It supports investments not only in a heavy variety of digital currencies, but also gives people the chance to purchase precious metals such as gold and silver. Bit Panda has announced plans to provide potential stock options to its customers beginning next year, giving them even further investment doorways.
Peter Thiel is widely known for his co-founding of the popular payment firm PayPal. He is also an early investor in the social media platform Facebook and has backed several additional cryptocurrency projects and startups in the past. More than two years ago, in July of 2018, Thiel led funding for Block.one, the company responsible for bringing EOS (EOS) to the crypto table, while a year ago in October, he led funding for Layer1, a bitcoin mining firm that had opened its doors for business in Texas, making him a true leader in the space of crypto funding.
A Line of New Company Investments
As of late, it looks like bitcoin and cryptocurrency companies are socking away a lot of money for their operations, a prime example being digital asset firm Bitwise. The company has already managed to put away roughly $9 million for its new bitcoin fund and filed all the paperwork necessary with the Securities and Exchange Commission (SEC).
The documents suggest that the money in tow came from roughly 40 separate investors and that the minimum investment was just under $4,000. The company is still relatively new yet has managed to more than double its funds over the past two years alone.