BitPanda Pledges $12 Million for New Tech Ecosystem in Poland 

The crypto space is seeing unprecedented growth across the board. While assets are doing well, companies in the industry are also working on expanding their influence. BitPanda, the Australian-based trading and brokerage platform, recently announced a tech and innovation fund for Poland.

Possible Expansion Into Poland 

On Wednesday, Polish news source Money.pl reported that BitPanda had committed €10 million (about $12 million) for an innovation and technology hub in Krakow, Poland. The news source explained that the funds would go towards creating the Center of Technology and Innovation in Krakow, with the trading firm hoping to hire 300 engineers and programmers in the next year.

BitPanda currently operates out of Vienna with a team of about 280 people. By investing in Poland, the company is taking the first step towards a significant international expansion. The new initiative will also double the company’s workforce in Europe.

Speaking on the reason for settling with Poland, Eric Demuth, one of BItPanda’s chief executives, explained that they had seen a potential to create a thriving tech ecosystem. He added that the main attraction was access to universities, qualified employees, and more.

Demuth also pointed out that Krakow is quite close to Vienna, which should make it much easier to build relationships between the two teams.

“We live in a time when the remote work trend is gaining popularity, but we have the belief, additionally supported by the experiences of many people with whom we talk, that the company works better when people have contact with each other, can talk, create their own work culture, jump for a beer,” Demuth said.

Poland Grows in Blockchain Adoption

BitPanda didn’t specify whether its efforts would focus primarily on blockchain and cryptocurrency development. However, Poland has done some considerable work towards improving blockchain adoption in 2020.

In April, several retail banks rolled out a blockchain-based customer data service from Polish Credit Bureau (BIK), the largest credit bureau in Eastern and Central Europe. According to an official statement, the BIK blockchain aimed at eliminating paper-based client notifications by digitizing critical data and recording them on its blockchain. This way, affected companies can enhance information security.

Billion, a Polish FinTech firm that collaborated with the credit bureau, explained that the blockchain platform is compliant with the European Union’s financial records-related regulations, like the General Data Protection Regulation (GDPR).

Last month, Olsztyn, a northeastern Polish city, also became the first city to use the Ethereum blockchain for improved emergency services. Per industry news sources, the town successfully tested SmartKey, a bridging technology that connects physical assets with the blockchain. The trial was used to aid ambulance services, the police, and the fire department.

Thew feature will help rescue teams improve efficiency in their work by connecting a smart contract to the Teltonika smart devices used by rescue teams. With this connection, emergency crews can enter any building in the city without waiting for permission or tracking down key holders.