Austrian crypto trading platform Bitpanda has invested $10 million to launch a new division dedicated to developing AI.

The FinTech, which offers access to a cryptocurrency exchange, commodities and securities trading, and ETFs via a mobile app, said that the new division will be a “dynamic hub” for AI-driven products and customised investing features.

Bitpanda also revealed that the first product launched by the new AI brand, called Bitpanda.ai, will be a fully conversational AI application that functions as a personalised wealth manager which provides "open access to financial advice and investment strategies".

"Bitpanda has already disrupted the traditional financial landscape by making investing available to all, not just the wealthy,” said Bitpanda co-chief executive and co-founder Eric Demuth. “Now, we're harnessing the power of AI to reshape personal finance by giving everyone access to their own wealth managers, accessible any time, anywhere, and which are customised to each individual's need."

Last year the platform announced plans to axe hundreds of staff as a wave of job cuts hit the cryptocurrency market.

At the time, Bitpanda said that the company needed to make "fundamental changes" in how it operates, adding that it planned to "sharpen [its] focus" by getting back to the basics.

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