The digital investment platform Bitpanda has officially arrived in Spain. Spanish users will be able to create an account and start investing with a minimum of one euro. This was reported to Cointelegraph en Español on June 9 in a press release.
The firm was founded in 2014 with the vision of accelerating the transition to a tokenized world. Bitpanda provides access to the world of assets, such as Bitcoin Evolution, gold and more than 30 digital assets. Now, the company arrives in Spain with an expansion strategy following its launch in France last month.
Bitpanda receives license to provide payment services in accordance with EU standards
According to information from this fintech, the company has 1.2 million users throughout Europe. In March alone, Bitpanda recorded a trading volume of 200 million euros and net revenues of three million euros. The trading volume has grown by 200% compared to the previous year.
Eric Demuth, CEO and co-founder of Bitpanda, noted:
„We have been waiting for this moment for years. Currently, the Spanish market is one of the most attractive in Europe for investment platforms and fintech. In addition, despite not having the service in their mother tongue, thousands of Spanish people perform daily all kinds of operations on our platform. Spanish people are looking to liberalize the use of financial services and have more control over their personal finances“.
It should be noted that, in each market, compliance rules are in line with the latest financial regulations, including the recently introduced AML5. With a PSD2 payment service provider license, among other things, Bitpanda claims that it has become a popular trading platform for both beginners and experts.
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Before their arrival in Spain, the company based in Vienna, Austria, landed in France in May. The next market will be Turkey in August this year.
Regarding this, Demuth explained:
„Our goal for the next few years is to become the world’s leading neo-broker. In the coming months, we will include stocks and ETFs, giving everyone access to the financial market from anywhere in the world.
Some facts about Bitpanda and Spain
In the statement, they said that Spain is a great opportunity for Bitpanda. „The interest and knowledge about crypto-currencies, blockchain and investment in general is much higher than in other surrounding countries. This interest is reflected in the number of Spanish users on our platform, despite not being in Spanish,“ they said.
„Also, at a legislative level, in Spain there is a favorable environment for fintech and companies that operate with Blockchain,“ they said later.
On the other hand, they explained how the users are: „While our typical user worldwide is a male between 26 and 35 years old, in Spain the users are younger, with an average age between 18 and 25 years old. In addition, the number of women using Bitpanda is higher in this country“.
From Bitpanda they stressed that the increase in new accounts in the investment platform shows that young and inexperienced users saw the coronavirus crisis as an entry point to the world of investments.
„The overall volume on the platform and the average volume per operator have increased dramatically compared to the previous year. The platform has experienced an increase in registrations of children under 35,“ they said.
It should also be noted that, of the Spanish investors already present on the platform, the assets in which Spanish investors have currently invested the most are gold, bitcoin and Ethereum.