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Finance

Founders of Crypto Exchange Bitpanda Set Up Investment Vehicle: Report

The new firm has already made some investments.

By Jamie Crawley
AccessTimeIconNov 3, 2022 at 4:48 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
The founders of Bitpanda (L-R) Christian Trummer, Paul Klanschek, Eric Demuth (Bitpanda)
The founders of Bitpanda (L-R) Christian Trummer, Paul Klanschek, Eric Demuth (Bitpanda)

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.

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    • 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.

    Read more: Crypto VC Firm CoinFund Looks to Raise $250M Seed Fund

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





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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter