Bitpanda Expects to Achieve Record-Breaking Profits in Q1 2024

Bitpanda, the Austria-based crypto exchange platform, and first tech unicorn in the country is on track to achieve record-breaking profits in Q1 2024, capturing significant global attention. This move is reminiscent of a generally promising trend for the crypto ecosystem in the first quarter. Other firms also boasts of similar impressive records.

Bitpanda Anticipates Bullish Trend 

The company experienced a significant increase in its revenue after achieving net sales of £148 million ($160 million) in 2023. According to a recent report, the company has generated over £100 million in business revenue in the first quarter of 2024. This accomplishment is particularly noteworthy as Bitpanda, after experiencing losses exceeding £130 million in 2022, was able to attain a pre-tax profit of £13.6 million last year.

Meanwhile, the crypto exchange platform attributed its anticipated profit surge to several strategic initiatives. These include the expansion of its product offerings, enhancement in user experience, and the introduction of new features aimed at simplifying and democratizing investment for users. 

Bitpanda Continues to Expand Its Offerings

Recall that in 2022, Bitpanda launched commodities trading services for its customers. As such, users of the app can buy and sell oil, natural gas, and aluminum, including its previously listed digital assets. With this move, the trading platform has inched towards competing directly with Europe’s traditional CFD brokers. Also, users gained exposure to exchange-traded commodities (ETCs).

Eric Demuth, the CEO, and co-founder of the trading platform declared his excitement to have his firm offer customers a means to salvage their savings amidst market instability. 

Bitpanda Grows Its Portfolio Through Partnership

Over the years, the trading platform has kept trying to grow its portfolio either through a partnership or more product offering additions. Particularly in 2021, Bitpanda collaborated with French fintech company Lydia to provide its users with cryptocurrency investment options. Likewise, it partnered with Fabrick to provide digital asset trading services to Italian banks and fintech. 

In 2022, German neobank, N26 partnered with Bitpanda to launch cryptocurrency trading tools. With the partnership, N26 customers were permitted to trade up to 100 digital assets including Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), Solana (SOL), Ripple (XRP), Avalanche (AVAX), Shiba Inu and others, with the intention to increase its token offering to 194 coins.