Bitpanda, a cryptocurrency trading platform, has secured $263 million in a new round of fundraising, valuing the firm at $4.1 billion

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Bitpanda, a cryptocurrency brokerage firm based in Europe, has raised $263 million in a new round of funding, putting the company’s value at $4.1 billion. That’s more than three times the $1.2 billion. Bitpanda was valued at five months ago in its last private financing round. The current round of funding takes the total amount raised to about $500 million.

Valar Ventures, the venture capital firm co-founded by US internet tycoon Peter Thiel, spearheaded the investment. Valar has supported Bitpanda three times since its first significant fundraising round, which was revealed in September. “I don’t like to do fundraising,” Eric Demuth, Bitpanda’s CEO and co-founder, stated “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,” Demuth said. Valar “wanted to double down and we wanted to stay with them,” he added. “It was quite an easy process.”

Along with current investors LeadBlock Partners and Jump Capital, British billionaire hedge fund manager Alan Howard and REDO Ventures contributed to Bitpanda’s latest round.