Bitpanda, a prominent crypto broker, has set the stage for a potential record-breaking year in 2024, anticipating soaring profits driven by increased bank deals and the growth of digital assets. The Vienna-based fintech company's optimistic outlook has garnered significant global attention, signaling a bullish trajectory for its fintech operations.

Founded in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, Bitpanda GmbH is a leading fintech firm based in Vienna, Austria, offering a diverse range of trading services to users within the cryptocurrency industry.

Factors Driving Record Profits in 2024

Bitpanda GmbH has experienced a remarkable surge in revenue, surpassing €100 million in business revenue during the first quarter of 2024, following a successful 2023 with net sales of €148 million ($160 million). This achievement marks a significant turnaround for the company, which faced losses exceeding €130 million in 2022 but managed to secure a pre-tax profit of €13.6 million in the previous year. The substantial growth in crypto asset trading, coupled with a streamlined cost structure and strategic partnerships with banks to offer investment services, has been instrumental in driving this positive trajectory.

Despite the recent market turbulence in the cryptocurrency sector, Bitpanda remains optimistic about its performance in 2024. With major cryptocurrencies like BTC, ETH, and XRP experiencing high volatility, the global trading volume continues to fluctuate, presenting both challenges and opportunities for the company.

Eric Demuth, CEO & Founder of Bitpanda, expressed confidence in the company's resilience, stating, "We can withstand long bear markets and scale significantly with high-profit margin in bull markets." The firm is poised to achieve record profits in 2024, building on its recent successes and strategic initiatives.

Recent Crypto Developments at Bitpanda

In a bid to enhance its crypto offerings, Bitpanda recently added FLOKI, a popular dog-themed meme coin, to its Meme Coin Leaders Index. Additionally, Germany's largest federal bank, LBBW, has partnered with Bitpanda to provide crypto custody services to users, further expanding the company's reach and offerings in the crypto space.