According to a Wednesday tweet from Bitpanda co-CEO and co-founder Paul Klanschek, the brokerage will provide â‚¬10 million (US$12.2 million) to fund the technology and innovation center in Krakow, Poland.
The move will see the creation of around 300 new jobs, adding to the brokerageâ€™s already existing 280 strong workforce, the report said.
The new team of people will be led by Bitpanda chief technology officer Christian Trummer, under whom the hub aims to support a move into stocks and exchange traded funds.
In a report from Polish financial news source Money.pl, Eric Demuth, also co-CEO and co-founder, said that the company chose the city of Krakov, rather than the nation of Poland. â€œThe key was not specific cost or tax preferences, but access to qualified employees, universities, and the possibility of creating a technological ecosystem,â€ he said.
â€œIâ€™m confident that we will be able to attract the most skilled professionals from the whole region,â€ Trummer said. â€œFrom backend developers, software, machine learning and QA engineers to product owners and scrum masters.â€
The brokerage recently completed a $52 million Series A funding round led by PayPal co-founder Peter Thielâ€™s Valar Ventures to help scale the company with the onboarding of new employees and fund a range of new products.
The platform offers trading in a range of cryptocurrencies and precious metals against six fiat currencies.
â€œOur goal is to remove barriers to individual investments, educate users and become the first-choice investment platform,â€ Trummer said.
Editorâ€™s note: Some quotes have been translated from Polish and edited for clarity.