Bitpanda, an Austrian cryptocurrency exchange, has partnered with Lydia, a French mobile payments app, to allow Lydia’s 5.5 million users to invest in digital assets.
Bitpanda announced on Monday that its digital asset investment product is now fully integrated with Lydia’s payments app, allowing Lydia customers to invest in more than 170 digital assets ranging from cryptocurrencies to commission-free fractional stocks, exchange-traded funds (ETF), and precious metals. The announcement stated that transactions are carried out through Bitpanda.
Bitpanda, Austria’s first tech unicorn, has been spreading its wings across Europe. In October, the company partnered with an Italian open-finance platform to provide digital asset trading services to Italian banks and fintechs. In the same month, Bitpanda appointed former JPMorgan executive Joshua Barraclough as CEO of its advanced trading platform in order to accelerate growth in Europe.
“This collaboration is fully aligned with our mission to bring digital assets into mainstream adoption and improve investment literacy in Europe and beyond,” said Bitpanda co-founder and co-CEO Eric Demuth.
Demuth stated that Bitpanda’s partnership with Lydia strengthens the company’s ambitions in France, where it has been registered with the financial markets authority (AMF) since December 2020.
“France is a key market for Bitpanda, which is why we are currently opening a local office in Paris and building a local team to own the market growth,” Demuth said.
Bitpanda is not the only cryptocurrency company looking to open a branch in France. Binance, a leading cryptocurrency exchange, contributed $116 million to a research and development initiative to help grow the blockchain and cryptocurrency industries in France in November.
Following its Series C funding round in August, Bitpanda was valued at $4.1 billion. Lydia raised a total of $131 million in two funding rounds last year. Lydia, which was founded in 2013, is backed by venture capital firm Accel and Chinese tech behemoth Tencent. According to the announcement, Lydia provides a variety of services such as current and shared accounts, express loans, instant bank transfers, mobile payments, and investment.
“We are the first on the French market to offer such a broad range of digital assets,” Cyril Chiche, CEO and co-founder of Lydia, said in a press release.