Coinspeaker
Peter Thiel-backed Crypto Broker Bitpanda Expects Record Profits in 2024
Moving ahead into 2024, Peter Thiel-backed crypto broker Bitpanda is bullish while expecting a cryptocurrency market rally and big bank deals that could lead to record profits for the company.
For the last year 2023, the company reported net sales of €148 million ($160 million). However, the revenue numbers have shot up significantly after a strong crypto market rally in Q1 2024. In the first quarter of this year, Bitpanda has already netted more than €100 million of business, the company told Bloomberg.
Last year, the privately-owned Viennese firm reported a pre-tax profit of €13.6 million, marking a significant turnaround from the €130 million in losses incurred in 2022. This resurgence is attributed to a resurgence in crypto asset trading, a streamlined cost structure, and strategic partnerships with banks to provide investment services.
On the other hand, Bitpanda has also been looking to expand its market footprint. As reported earlier this month in May, Bitpanda is now working to expand its operations in Austria while working closely with Raiffeisen Bank.
Apart from Europe, Bitpanda is also looking to expand into other global markets by opening a regional office in Dubai, UAE. Bitpand’s deputy CEO Lucas Konrad said:
“The same crypto regulatory clarity in Europe exists in the Dubai and Abu Dhabi regions. But in the US, this is not happening, making entities like banks hesitant. That’s not the case in the UAE.”
Bitpanda Maintains Bullish Outlook Despite Volatility
Despite recent headwinds in the cryptocurrency industry, Bitpanda remains optimistic about the crypto market’s future, even after a five-month rally that saw Bitcoin value triple. Data from CCData indicates that trading volumes on crypto exchanges experienced a decline in April, marking the first decrease in seven months.
However, Bitpanda continues to promote a bullish outlook, emphasizing resilience and long-term potential within the market. The company’s confidence is buoyed by strategic partnerships with bank partners such as N26, Landesbank Baden-Wuerttemberg, and Raiffeisenlandesbank Niederoesterreich-Wien.
Speaking on the development, Bitpanda founder and Chief Executive Officer Eric Demuth, said:
“We can withstand long bear markets and scale significantly with high profit margin in bull markets.”
On Wednesday, the US CPI data came in line with the expectation of providing a boost to the broader crypto market. Bitcoin along with the altcoins have surged hitting a probable end to weeks of consolidation.
Peter Thiel-backed Crypto Broker Bitpanda Expects Record Profits in 2024
