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

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Austrian crypto exchange Bitpanda teamed up with a French mobile app Lydia to offer to the 5.5 million users of Lydia the capacity to invest in digital assets.

Bitpanda announced his on Monday digital investment product is now fully integrated with Lydia’s payment program, which will enable Lydia customers to invest in more than 170 digital assets from cryptocurrencies to uncommissioned fractional shares, exchange-traded funds (ETFs) and securities. Transactions are carried out via Bitpanda, the announcement said.

Bitpanda, Austria’s first technical unicorn, has expanded its presence across Europe. In October, the company partnered with an Italian open financial platform to allow Italian banks and fintechs to access digital assets trading services. In the same month, Bitpanda hired former JPMorgan manager Joshua Barraclough as the new CEO of its advanced trading platform to drive growth in Europe.

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

Demuth said the partnership with Lydia reinforces Bitpanda’s ambitions in France, where it has been registered with the Financial Market Authority (MFA) since December 2020.

“France is a key market for Bitpanda and that’s why we’re currently opening a local office in Paris and building a local team to own the growth in the market,” Demuth said.

Bitpanda is not the only crypto company looking to set up shop in France. In November, a leading cryptocurrency exchange Binance contributed $ 116 million to a research and development initiative to help grow the blockchain and cryptocurrency industry in France.

In August, Bitpanda was valued at $ 4.1 billion after its Series C financial round. According to TechCrunch, Lydia raised a total of $ 131 million in two financial rounds last year. Founded in 2013, Lydia’s investors include venture capital firm Accel and Chinese technology giant Tencent. Lydia offers a variety of services including current and joint accounts, express loans, instant bank transfers, cell phone payments and investment, the announcement said.

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

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