The cryptocurrency broker Bitpanda GmbH, backed by billionaire Peter Thiel, expects a record profit this year, driven by banking activities and a rally in digital assets.
Following a net revenue of 148 million euros in 2023, Bitpanda records over 100 million euros in revenue in the first quarter of 2024, as the Vienna-based company reported in a statement to Bloomberg.
Last year, the privately-held company posted a pre-tax profit of 13.6 million euros, after incurring a loss of over 130 million euros in 2022. Bitpanda benefits from renewed trading interest in crypto assets, an optimized cost structure, and partnerships with banks to offer investment services.
Despite Recent Headwinds in the Crypto Industry Following a Five-Month Rally That Tripled Bitcoin's Value, Bitpanda Remains Optimistic. In April, Trading Volumes on Crypto Exchanges Fell for the First Time in Seven Months, According to CCData.
"We can survive long bear markets and significantly scale with high profit margins in bull markets," said Bitpanda founder and CEO Eric Demuth.
The company's banking partners include N26, Landesbank Baden-Württemberg, and Raiffeisenlandesbank Niederösterreich-Wien.
