French Fintech Lydia Faucets Bitpanda to Let 5.5M Customers Commerce Crypto

 French Fintech Lydia Faucets Bitpanda to Let 5.5M Customers Commerce Crypto

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

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 belongings from cryptocurrencies to commission-free fractional shares, exchange-traded funds (ETF) and treasured metals. Transactions are executed through 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 companies. In the identical month, Bitpanda employed former JPMorgan government Joshua Barraclough as the brand new CEO of its superior buying and selling platform to push progress in Europe.

“This collaboration is absolutely aligned with our mission to carry digital belongings into mainstream adoption and to enhance funding literacy in Europe and past,” 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 marketplace for Bitpanda and for this reason we’re at present opening up a neighborhood workplace in Paris and constructing a neighborhood crew to personal the expansion available in the market,” Demuth mentioned.

Bitpanda shouldn’t be 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 trade in France.

In August, Bitpanda was valued at $4.1 billion following its Sequence C funding spherical. In response to TechCrunch, Lydia raised a complete of $131 million in two funding rounds final yr. Based in 2013, Lydia’s buyers embrace enterprise capital agency Accel and Chinese language tech large Tencent. Lydia gives quite a lot of companies together with present and shared accounts, categorical loans, immediate financial institution transfers, cellular funds and funding, the announcement mentioned.

“We’re the primary on the French market to offer such an in depth vary of digital belongings,” mentioned Cyril Chiche, CEO and co-founder of Lydia, in a press assertion.

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