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French Fintech Lydia Taps Bitpanda to Let 5.5M Users Trade Crypto

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Austrian crypto trade Bitpanda has teamed with French cell funds app Lydia to provide Lydia’s 5.5 million customers the flexibility to spend money on digital property.

Bitpanda introduced Monday its digital asset investment product is now absolutely built-in with Lydia’s funds app, which can allow Lydia clients to spend money on over 170 digital property from cryptocurrencies to commission-free fractional shares, exchange-traded funds (ETF) and treasured metals. Transactions are executed by way of Bitpanda, the announcement mentioned.

Bitpanda, Austria’s first tech unicorn, has been increasing its presence by means of Europe. In October, the agency partnered with an Italian open-finance platform to let Italian banks and fintechs entry digital asset buying and selling providers. In the identical month, Bitpanda employed former JPMorgan govt Joshua Barraclough as the brand new CEO of its superior buying and selling platform to push development in Europe.

“This collaboration is fully aligned with our mission to bring digital assets into mainstream adoption and to improve investment literacy in Europe and beyond,” Eric Demuth, co-founder and co-CEO of Bitpanda, mentioned in an e mail to CoinDesk.

Demuth mentioned the partnership with Lydia reinforces Bitpanda’s ambitions in France, the place it has been registered with the monetary markets authority (AMF) since December 2020.

“France is a key market for Bitpanda and this is why we are currently opening up a local office in Paris and building a local team to own the growth in the market,” Demuth mentioned.

Bitpanda just isn’t the one crypto agency trying to arrange store in France. In November, main cryptocurrency trade Binance contributed $116 million to a analysis and growth initiative to assist develop the blockchain and crypto business in France.

In August, Bitpanda was valued at $4.1 billion following its Series C funding spherical. According to TechCrunch, Lydia raised a complete of $131 million in two funding rounds final 12 months. Founded in 2013, Lydia’s traders embrace enterprise capital agency Accel and Chinese tech big Tencent. Lydia affords a wide range of providers together with present and shared accounts, specific loans, on the spot financial institution transfers, cell funds and funding, the announcement mentioned.

“We are the first on the French market to provide such an extensive range of digital assets,” mentioned Cyril Chiche, CEO and co-founder of Lydia, in a press assertion.

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