Crypto exchange Bitpanda has just reported its strongest financial year to date, with revenue more than doubling as a result of key partnerships and regulated offerings driving growth.
According to a recent press release shared with crypto.news, Bitpanda, based in Vienna, recorded a staggering $426 million in operating revenue for the year 2024, a significant increase from the $163 million generated in the previous year. This milestone in profitability and scalability marks 2024 as the most successful year for Bitpanda since its inception. Surpassing market leaders like Coinbase and Binance, which saw revenue increases of 115% and 40% respectively over the same period, Bitpanda’s success is truly remarkable.
In terms of trading volume, Bitpanda experienced a 223% surge in the second quarter of 2024 alone, accompanied by a 113% increase in new user registrations compared to the same period in 2023. This surge in activity is attributed to the growing regulatory pressure in the U.S. throughout 2023, which led more users to seek alternative platforms like Bitpanda.
Despite its impressive growth, Bitpanda still lags behind major exchanges in terms of scale. Coinbase, for example, reported $6.6 billion in revenue last year, with an efficiency margin of 50%, while Bitpanda ended the year with a 30% EBITDA margin. This suggests that while Bitpanda has stronger cost controls, it operates on a smaller scale compared to its competitors.
CEO and co-founder of Bitpanda, Eric Demuth, expressed his satisfaction with the company’s performance, noting that 2024 was a record-breaking year in terms of delivery and financial success. He also mentioned that the momentum achieved in 2024 sets the stage for even further growth in 2025.
Bitpanda attributes its revenue growth to a combination of regulated product offerings, market expansion, and strategic partnerships with traditional financial institutions. These partnerships include collaborations with banking giants like Deutsche Bank, with whom Bitpanda partnered in 2024 to facilitate fiat transfers. Additionally, the exchange has expanded its regulatory footprint by acquiring licenses in jurisdictions such as the UAE and the EU.
Looking ahead, Bitpanda has plans to further expand across the EU and UK in the coming years. With its MiCA license and regulatory approval from the UK’s Financial Conduct Authority, Bitpanda aims to tap into new markets in these regions while maintaining a focus on regulated, long-term growth. The exchange’s continued success and strategic initiatives position it well for continued growth and success in the cryptocurrency market.