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Bitpanda,
the Vienna-based cryptocurrency broker and fintech unicorn, announced Tuesday
that its user base has surpassed 5 million retail investors. The milestone
comes after a significant growth period in Q2 2024, when the number of retail
traders grew by 25%yes, .
Bitpanda’s User Base
Surges to 5 Million as Crypto Interest Grows
After
taking five years to reach its first million users, Bitpanda has added another
million in just the past 12 months, reflecting surging interest in digital
asset trading across Europe. The record-high Bitcoin (BTC) prices achieved in
March and sustained throughout the second quarter also had an impact.
“We
have the right products, a proven history of working with regulators, and
immense trust from our users and partners,” said Lukas
Enzersdorfer-Konrad, Deputy CEO of Bitpanda. “It took us five years to
reach our first million users; we were able to achieve this same feat in the
past 12 months alone.”
The expansion
follows a record-setting first quarter for Bitpanda, which reported revenue of $109
million. The company has been positioning itself for growth, acquiring new
regulatory licenses and launching partnerships with established financial
institutions like Deutsche
Bank and N26.
The
platform recently established a partnership with
the German bank Landesbank Baden-Württemberg (LBBW). Through this
collaboration, Bitpanda aims to introduce cryptocurrency custody services to
LBBW’s offerings.
Bitpanda
has been operating as a licensed entity in the German cryptocurrency market since
late 2022, holding independent authorizations in several other European
countries, including the UK, Italy, and France.
Move to Middle East
Bitpanda is
now setting its sights on the Middle East, having recently launched operations
in Dubai. Walid BenOthman, Managing Director of Bitpanda MENA, expressed
optimism about the region’s potential, citing projections that the UAE’s
digital asset market could reach $616.80 million by 2028.
“With
a 25% surge in users over the past 12 months, we are confident in the strength
of the MENA region and aspire to achieve similar success over the next
year,” BenOthman stated.
Bitpanda is
approaching its 10th anniversary and, according to its representatives, looks
positively towards the future. However, after very good initial months of 2024,
the cryptocurrency market is showing signs of overheating, and the price of BTC
has fallen this week to nearly two-month lows. Since the beginning of June,
Bitcoin has lost about 10%.
This article was written by Damian Chmiel at www.financemagnates.com.
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