TechFlow news, according to Bloomberg, cryptocurrency broker Bitpanda announced that its net revenue for the first quarter of 2024 has exceeded 100 million euros. Following net sales of 148 million euros (approximately 160 million USD) in 2023, the company's revenue continues to surge, with profits expected to rebound to record levels in 2024.
Vienna-based Bitpanda recorded a pre-tax profit of 13.6 million euros in 2023, compared to over 130 million euros in losses in 2022. The company benefited from the recovery in crypto-asset trading, optimized cost structure, and investment services offered through bank partnerships. Founder and CEO Eric Demuth said: "We held strong during the bear market and are now significantly expanding with high margins in the bull market."
