There has been unprecedented growth in the crypto space across the board. While the assets are certainly performing well, the companies in the industry are also making an effort to expand their influence. The trading and brokerage platform in Australia, BitPanda recently announced that it was introduced a tech innovation fund for Poland. Polish news sources reported on Monday that around €10 million, which is the equivalent of $12 million, had been committed by BitPanda for a technology and innovation hub in Krakow, Poland. According to the news source, the funds would be used for creating the Center of Technology and Innovation in Krakow, and the trading company is hoping to hire 300 programmers and engineers in the next year.

Currently, BitPanda is operating out of Vienna and there are 280 people that make up its team. With its investment in Poland, the company has taken the first steps towards some major international expansion. With the new initiative, the firm will also be able to double its workforce in Europe. One of the chief executives at BitPanda, Eric Demuth talked about the reason of opting for Poland and explained that they had seen a potential of developing a thriving tech ecosystem. He disclosed that the primary attraction had been access to qualified employees, universities and more.

Demuth also highlighted that Vienna and Krakow are quite close, which makes developing relationships between the two teams a lot easier. He said that the remote work trend was becoming popular, but he said that experience indicates that people having contact with each other can help a company work better. It wasn’t specified by BitPanda if their efforts would be primarily focused on the cryptocurrency and blockchain development. However, there has been significant progress in Poland in 2020 when it comes to improving blockchain adoption. 

A number of retail banks had introduced a customer data service based on the blockchain in April from the largest credit bureau in Central and Eastern Europe i.e. the Polish Credit Bureau (BIK). An official statement indicated that the BIK blockchain aims to eliminate all paper-based client notifications by digitizing and recording critical data on its blockchain. This can go a long way in helping companies improve their information security. A Polish Fin Tech company, Billion collaborated with the credit bureau and highlighted that the blockchain platform was fully compliant with the financial records-related regulations of the European Union, such as the General Data Protection Regulation (GDPR). 

Last month, a northeastern city in Poland, Olsztyn also became the first city to have used the Ethereum blockchain for improving emergency services. According to news sources, SmartKey was successfully tested by the town, which is a bridging technology connecting physical assets with the blockchain. The trial was used for assisting the police, ambulance services as well as the fire department. With this new feature, rescue teams will be able to improve their work’s efficiency, as a smart contract will be connected to the rescue teams’ Teltonika smart devices, thereby eliminating the need of tracking down key holders or waiting for permission.

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