BitPanda, one of the largest crypto exchanges in the world, has announced the completion of its Series C funding round.

The Vienna-based exchange confirmed the news earlier this week, with a CNBC report confirming that it had raised $263 million. The raise sees BitPanda’s valuation jump to a staggering $4.1 billion.

Per the CNBC report, the Series C round was led by Valar Ventures, a venture capital firm founded by Silicon Valley legend Peter Thiel. Other participants include REDO Ventures and British hedge fund billionaire Alan Howard. It is yet another show of support for the company, which has focused entirely on crypto and precious metals derivatives and trading since its inception in 2014.

The Series C funding round is the third time that Thiel’s Valar Ventures will be backing BitPanda. Valar has been there for the company every step of the way. Most recently with its Serie B round in March 2021. At the time, the company raised $170 million in a round that made it Austria’s first unicorn.

With the current funding round, BitPanda has grown over three times in valuation from its March raise. Speaking on the relationship with Valar, Eric Demuth, BitPanda’s chief executive, told CNBC:

“I don’t like to do fundraising. It’s very time-consuming.When you have partners you have a close connection with, and they have deep pockets, you don’t have to do the whole roadshow. Valar wanted to double down and we wanted to stay with them. It was quite an easy process.”

In total, BitPanda has now raised almost $500 million through its three financing rounds. The company has a lot to look forward to, especially as it is now trying a stock trading service that will run 24/7. Demuth told CNBC that the product will most likely be ready by the end of the year, putting BitPanda in the same terrain as companies like eToro and Robinhood that offer exposure to different assets across several classes.

BitPanda’s successful capital raise is just the latest in what seems to be an endless stream of investments in crypto companies and affiliated services. Last week, top social media aggregation and forum platform Reddit announced the completion of its Series F round, where it raised about $700 million. The funding round puts Reddit at a $10 billion valuation.

Reddit has been popular among crypto traders and investors, with many forums dedicated to the space on the platform. But, its big jump came following the GameStop saga – as well as several other orchestrated crypto pumps that took place in the weeks following

TaxBit, a crypto tax startup, also raised $130 million last week in its Series B round, led by IVP and Insight Partners. The funding round brings TaxBit’s worth to $1.3 billion, with the company hoping to use the raised funds to scale its accounting and tax products and open new offices across the United Kingdom and United States.

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