German Banking Titan Backs Bitcoin Financial Service with €2.1 Million

FIOR Digital GmbH, the company behind 21bitcoin, one of Europe's leading Bitcoin platforms, has announced that it has secured a €2.1 million financing round, with the funding being provided by Volksbank Raiffeisenbank Bayern Mitte eG, one of Germany's most established banks, according to a press release sent to Bitcoin Magazine.

“We are investing in this company because it has the potential to revolutionize the industry and become a lasting market leader” said Andreas Streb, board member and managing director of Volksbank Raiffeisenbank Bayern Mitte. “21bitcoin has succeeded in attracting a generation of customers in Europe with a platform for Bitcoin that is significantly different from the incumbents' offerings – simpler, more humane and with a user experience that gives customers the experience they want.”

The additional capital injection will be directed towards expanding market presence, diversifying the product range, and growing its team. Notably, 21bitcoin aims to become the first Bitcoin company with the European MiCAR license. MiCAR will standardize the regulatory framework for cryptocurrency services across the European Union, providing uniform access to a market of 447 million people starting in late 2024.

“The participation in 21bitcoin is the consistent further development of our Bitcoin strategy and complements our own offering. 21bitcoin has created a compelling range of products for Bitcoin,” said Richard Riedmaier, Chairman of the Board of Volksbank Raiffeisenbank Bayern Mitte. “The company has assembled an incredible team that is passionate about to be the first Bitcoin company to receive a MiCAR license. We are excited to be part of their journey.”

21bitcoin is currently experiencing its most significant period of growth since its inception three years ago, according to the release. Over the last 12 months, the company has witnessed a 2,832% increase in revenue, reflecting the growing interest of Europeans in Bitcoin as a savings and investment vehicle.

“The financial services industry is in the midst of a monumental change, and our continued growth and the participation of an established bank as a lead investor proves that 21bitcoin is at the forefront of this change in Europe,” said co-founder and CEO of 21bitcoin, Daniel Winklhammer. “Thousands of customers use 21bitcoin to diversify their portfolio into Bitcoin, tell their friends about Bitcoin, and improve their overall financial lives. This investment will drive our growth so that we can reach and ensure tens of thousands more people that everyone has easy and, above all, secure access to Bitcoin, regardless of who they are or where they are.”