Ethereum

Bank

Bitcoin

when

Austrian cryptocurrency exchange Bitpanda is reportedly eyeing a potential initial public offering (IPO) in Frankfurt, Germany.
It will supposedly value the exchange at no less than $4 billion if it materializes.
<h2 id="crypto-exchange-has-tapped-citigroup-and-jp-morgan">Crypto Exchange Has Tapped Citigroup and JP Morgan</h2>
News of the potential move was first <a href="https://www.bloomberg.com/news/articles/2024-10-28/thiel-backed-crypto-exchange-bitpanda-is-said-to-explore-options" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">reported</a> by Bloomberg on October 28, with the business publication quoting unnamed sources for its story.
According to the report, an IPO is one of several options the exchange is considering, and Citigroup and JP Morgan have been appointed to advise on the process. However, nothing has been set in stone just yet, with Bloomberg suggesting that the company could also decide against going ahead with the plan.
Bitpanda was founded in 2014 to offer crypto retail trading and equities derivatives. It raised more than $260 million in a 2021 funding round that included participation from billionaire investor Peter Thiel’s Valar Ventures. At the time, the company was valued at $4.1 billion.
With the crypto market rallying this year following the approval of Bitcoin and Ethereum spot ETFs by the U.S. Securities and Exchange Commission (SEC), operations like Bitpanda have prospered.
The company recently stated that it anticipates record profits in 2024. In the first quarter of the year, it raked in about $108 million. In 2023, it made more than $14 million in pre-tax profits, coming off a horrendous performance in 2022, when it reported losses amounting to $140 million.
<h2 id="bitpanda-s-growth">Bitpanda’s Growth</h2>
The company has been working to strengthen its foothold in the European crypto space. In June, it entered an alliance with German financial giant Deutsche Bank to implement real-time payment solutions for users in the country.
The <a href="https://cryptopotato.com/bitpanda-strengthens-deal-with-deutsche-bank-for-real-time-german-payments/" data-wpel-link="internal" rel="noopener noreferrer nofollow">deal</a> involved integrating Bitpanda into the German International Bank Account Numbers (IBAN) system through an API. It hoped this would improve the speed and reliability of transactions in the region.
Further, earlier in the year, Bitpanda <a href="https://cryptopotato.com/germanys-largest-bank-to-offer-crypto-custody-arena-with-bitpanda/" data-wpel-link="internal" rel="noopener noreferrer nofollow">partnered</a> with Germany’s largest federal bank, Landesbank Baden-Württemberg (LBBW), to offer crypto custody services. The deal came against a backdrop of increasing demand for crypto assets among institutional and corporate clients in Germany.
The firm is also <a href="https://cryptopotato.com/coinbase-ramps-up-efforts-to-expand-in-europe-partners-with-bitpanda/" data-wpel-link="internal" rel="noopener noreferrer nofollow">working</a> with American crypto exchange Coinbase to help the latter grow its European footprint. The collaboration, ratified in May 2023, saw Coinbase become a liquidity provider for Bitpanda’s “investing-as-a-service” division.
The post <a href="https://cryptopotato.com/bitpanda-exploring-potential-ipo-in-germany-report/" rel="noopener noreferrer nofollow">Bitpanda Exploring Potential IPO in Germany: Report</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitpanda Exploring Potential IPO in Germany: Report

Table of Contents

CryptoPotato_News

Other articles published on Oct 29, 2024

Dogwifhat Could Outperform Solana in November As It Eyes the $3 Mark

Vitalik Buterin Aims for Sub-2 Second Transfers Between Chains in Ethereum’s Future

Bitcoin’s Surge Leaves South Korea Behind: Kimchi Premium Fades

Xandeum Confirms XAND Token Launch and xandSOL LST for October 29

Bitcoin Whale Numbers Reach Highest Level Since 2021 Amid Price Rally

MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash

Join our free newsletter for daily crypto updates!