Bitpanda GmbH, the cryptocurrency exchange backed by billionaire Peter Thiel, expects bank deals and a digital-asset rally to propel record profit this year.
Revenue is surging following 2023 net sales of €148 million ($160 million), with Bitpanda already netting more than €100 million of business in the first three months of 2024, the company said in a statement to Bloomberg.
The closely held Viennese company booked a €13.6 million pre-tax profit last year after more than €130 million of losses in 2022. It’s benefiting from renewed trading in crypto assets, a revamped cost structure as well as deals with banks to offer investment services.
Bitpanda is promoting a bullish outlook despite recent headwinds in the crypto industry following a five-month rally that tripled Bitcoin’s value. In April, trading volumes on crypto exchanges fell for the first time in seven months, according to CCData.
“We can withstand long bear markets and scale significantly with high profit margin in bull markets,” said Bitpanda founder and Chief Executive Officer Eric Demuth.
The company’s bank partners include N26, Landesbank Baden-Wuerttemberg and Raiffeisenlandesbank Niederoesterreich-Wien.
Bloomberg
David Ma was born in 1980 in California, is a Vietnamese American, known as one of the entrepreneurs and investors in the field of cryptocurrency and stock market. In 2006, he graduated from Stanford University with honors and began his career in business.
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