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Bitpanda Expects Record-High Profit In 2024 As Over $100M Revenue In Q1

Crypto broker Bitpanda has echoed a global frenzy as it anticipated its 2024 business revenue to reach record highs. This comes attributed to the rise in bank deals and crypto.
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Bitpanda Expects Record-High Profit In 2024 As Over $100M Revenue In Q1

Highlights

  • Bitpanda foresees revenue to record highs in 2024.
  • Following 2023 net sales of €148 million, the firm has achieved noteworthy revenue in Q1 2024.
  • A closer look into Bitpanda's recent developments.

Bitpanda GmbH, a Vienna-based fintech company, has recently anticipated its profit to reach record highs in 2024, nabbing global attention. Coming primarily attributed to the rise of bank deals and digital-assets growth, the crypto broker expects a bullish outlook surrounding its fintech venture ahead.

Bitpanda GmbH is a fintech company based in Vienna, Austria, which streamlines a stockpile of trading services for users. Founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, the firm is one of the leading players withing the crypto trading industry.

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Record-High Profits In 2024: Here’s Why

Bitpanda GmbH has recorded a substantial surge in revenue following 2023 net sales of €148 million ($160 million). According to a recent report, the company has subsequently achieved over €100 million in business revenue during the first quarter of 2024.

This comes as a monumental achievement as after facing losses exceeding €130 million in 2022, Bitpanda managed to secure a pre-tax profit of €13.6 million last year. The significant increase in crypto asset trading, a streamlined cost structure, and strategic partnerships with banks to offer investment services has primarily aided this development.

Concerning this, Bitpanda is anticipating a bullish trend for itself in 2024 despite the recent turbulence experienced within the cryptocurrency sector. With BTC, ETH, XRP, and others witnessing a highly volatile movement, the global trading volume continues to fluctuate.

“We can withstand long bear markets and scale significantly with high-profit margin in bull markets,” added Eric Demuth. CEO & Founder of Bitpanda. Simultaneously, the firm expects record-high profits in 2024.

Also Read: BONK Price Jumps 7% Amid Major Listing Announcement

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Bitpanda’s Recent Cryptographic Developments

Meanwhile, in its recent developments, Bitpanda appears to have further revolutionized its crypto offerings for users. Recently, the firm added FLOKI, a renowned dog-themed meme coin, in its Meme Coin Leaders Index.

Whereas, Germany’s largest federal bank LBBW partnered with Bitpanda for offering crypto custody to users.

Also Read: CME To Debut Bitcoin Trading Amid Growing Wall Street Interest

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