Fri, September 30, 2022

Crypto platform Bitpanda’s net worth surpassed $1.2 billion 

bitpanda

Crypto startups are flourishing, picking up pace with amazing speed. Some companies involved in building or operating cryptocurrency market infrastructure have raised the capital of more than $10 million, even though most startups’ net worth remains below that amount. For instance, Fireblocks raised $133 million, and Bitpanda’s newest gain surpasses $170 million.

 

Bitpanda is a crypto exchange and card issuer company headquartered in Vienna. It is currently valued at $1.2 billion, including the latest raise. That means that this company is the major crypto platform in Austria. It has also carved out a place for itself among the largest platforms in Europe.

 

According to CEO Eric Demuth, the company has been profitable for four years. While Bitpanda doesn’t really need the funds, it aspires to become the investment platform for all of Europe.

 

With the increasing crypto prices, the platforms and other crypto companies have reported higher revenues. On the other hand, that leads to more investment and better returns to investors, attracting more people on the market and boosting the prices even higher. As you see, this is a never-ending circle.

 

However, lots of countries are still cautious when it comes to cryptos. They either outright ban the digital coins or try to decide how they can control them. The answer isn’t easy due to the nature of blockchain. As a result, Europe has a slow, fragmented regulatory approach to cryptocurrencies. So, how can crypto investment platforms flourish in such an environment?

 

According to reports, upcoming European legislation’s aim is to create a unified approach to this cryptocurrency industry oversight. That would be a major and very important change.

 

How do the lawmakers plan to regulate cryptos in Europe?

 

In September 2020, the EU published “Markets in Crypto-Assets Regulation.” MiCA attempts to implement clear-cut rules, along with long-term legal certainty in the regulation of cryptocurrency assets.

 

However, the lawmakers haven’t finalized MiCA’s text yet. And in the European Union, even clear-cut rules often become blurry, as each member state has some leeway both in the interpretation and implementation.

 

Still, MiCA is beginning, and investors are hopeful that soon Europe will fully embrace cryptocurrencies. Even with such hopes, the crypto industry has a long way to go before such an occurrence.

 

Many officials are still suspicious and cautious of digital coins. The European Securities and Markets Authority released a reminder about crypto asset risk this week. Furthermore, there are concerns that privately issued cryptocurrencies could pose a threat to financial stability. According to reports, MiCA would regulate stablecoins, as well, to avoid such risks.

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