World Crypto Global
- Written by: Damian Chmiel
- Tue, 25 Jun 2024
- Israel
Bitpanda,the Vienna-based cryptocurrency broker and fintech unicorn, announced Tuesdaythat its user base has surpassed 5 million retail investors. The milestonecomes after a significant growth period in Q2 2024, when the number of retailtraders grew by 25%yes, .Bitpanda's User BaseSurges to 5 Million as Crypto Interest GrowsAftertaking five years to reach its first million users, Bitpanda has added anothermillion in just the past 12 months, reflecting surging interest in digitalasset trading across Europe. The record-high Bitcoin (BTC) prices achieved inMarch and sustained throughout the second quarter also had an impact."Wehave the right products, a proven history of working with regulators, andimmense trust from our users and partners," said LukasEnzersdorfer-Konrad, Deputy CEO of Bitpanda. "It took us five years toreach our first million users; we were able to achieve this same feat in thepast 12 months alone."The expansionfollows a record-setting first quarter for Bitpanda, which reported revenue of $109million. The company has been positioning itself for growth, acquiring newregulatory licenses and launching partnerships with established financialinstitutions like DeutscheBank and N26.Theplatform recently established a partnership withthe German bank Landesbank Baden-Württemberg (LBBW). Through thiscollaboration, Bitpanda aims to introduce cryptocurrency custody services toLBBW's offerings.Bitpandahas been operating as a licensed entity in the German cryptocurrency market sincelate 2022, holding independent authorizations in several other Europeancountries, including the UK, Italy, and France.Move to Middle EastBitpanda isnow setting its sights on the Middle East, having recently launched operationsin Dubai. Walid BenOthman, Managing Director of Bitpanda MENA, expressedoptimism about the region's potential, citing projections that the UAE'sdigital asset market could reach $616.80 million by 2028."Witha 25% surge in users over the past 12 months, we are confident in the strengthof the MENA region and aspire to achieve similar success over the nextyear," BenOthman stated.Bitpanda isapproaching its 10th anniversary and, according to its representatives, lookspositively towards the future. However, after very good initial months of 2024,the cryptocurrency market is showing signs of overheating, and the price of BTChas 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.
