The post Bitpanda’s Blockbuster Quarter: Revenue Soars Above €100 Million in Q1 FY ’24 appeared on BitcoinEthereumNews.com.

Bitpanda, Europe’s leading crypto exchange, has reported a remarkable quarter of growth, with revenue for Q1 FY ’24 surpassing €100 million. This achievement comes on the heels of a series of milestones driven by an ambitious new strategy implemented throughout 2022 and 2023. TLDR Bitpanda achieved profitability in Financial Year ’23 with a net revenue of €147.6 million and earnings before tax of €13.6 million. Revenues for Q1 FY ’24 exceeded €100 million and are expected to further increase compared to 2023, delivering significant profitability. Bitpanda invested in its product and efficiency throughout FY ’22 and FY ’23, demonstrating scalability and a constant cost base. Increasing market share across Europe for the Broker (B2C) and expansion of the B2B infrastructure offering via Bitpanda Technology Solutions contributed to the results. Bitpanda launched new products, obtained new licenses, and formed industry-leading partnerships with institutions like Visa, N26, LBBW, and Raiffeisen. The Vienna-based company, founded in 2014, has solidified its position as a market leader in the European crypto space by launching several new products on its broker platform, obtaining licenses from major regulators such as BaFin, relaunching its B2B-focused whitelabel solution (Bitpanda Technology Solutions), and forging industry-leading partnerships with well-known institutions like Visa, N26, LBBW, and Raiffeisen. CEO and founder Eric Demuth emphasized that Bitpanda is now more cost-efficient than ever and has the best possible setup for further scaling. The infrastructure built since 2022 has begun to bear fruit, allowing the company to deliver results regardless of market sentiment at a constant cost base. Demuth noted that Bitpanda can withstand long bear markets and scale significantly with high-profit margins in bull markets, stating that the company is in its best shape ever, with 2024 potentially being the most profitable year in its decade-long history. The company’s top-line growth was driven by…

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Filed under: News - @ May 16, 2024 7:16 pm