Founders of Crypto Exchange Bitpanda Set Up Investment Vehicle: Report

The new firm has already made some investments.

AccessTimeIconNov 3, 2022 at 4:48 p.m. UTC
Updated Nov 4, 2022 at 9:07 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Jamie Crawley is a CoinDesk news reporter based in London.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The three founders of crypto exchange Bitpanda have set up their own investment vehicle, The Block reported Thursday.

Eric Demuth, Paul Klanschek and Christian Trummer applied to set up Diamond Hand Ventures in May of last year.

Among the firm's early investments were blockchain development tool Tatum, payments firm Payable and Web3 accounting platform Consola Finance, according to the report, which cited a Bitpanda spokesperson. The firm also joined crypto custodian Copper's $50 million Series B funding round last year.

Like many other crypto firms, Vienna-based Bitpanda cut its headcount in response to tougher market conditions earlier this year. In June, it said it would be looking to reduce employee numbers to 730 from just over 1,000.

Its founders' steps into venture capital demonstrate how crypto entrepreneurs are attempting to broaden their business beyond the buying and selling of cryptocurrencies in response to the bear market.

Bitpanda didn't immediately respond to a request for further comment.

UPDATE (09:10 UTC, Nov. 4, 2022): Removes references to Diamond Hand Ventures being a venture capital firm





DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.