Bitpanda launches Metaverse, DeFi-themed crypto investment indices

Crypto investment platform Bitpanda has launched four new themed crypto indices as it powers ahead with product launches amid an employee cull. 

According to a statement on Thursday, these indices allow users to invest in preset crypto portfolios, giving access to coins and tokens related to the themes of decentralized finance (DeFi), the metaverse, smart contracts and infrastructure. The indices are automatically rebalanced, based on changes in the market. 

"With the Bitpanda Crypto Indexes we offered our customers the opportunity to get exposure to the crypto market and start investing in crypto. Now, it’s time for the obvious next steps," co-founder and CEO Eric Demuth said in the statement. "These four new Crypto Indices give people the chance to invest in areas they are passionate about. There’s no hassle, no need to constantly research new crypto projects, just a simple way for everyone to diversify their portfolios.” 

The company did not respond to a request for further comment on the launch. 

The product launch follows similar offerings such as the company's crypto index products which auto-invest in the top five, 10 or 25 top cryptocurrencies based on market size. The Block also reported that the fintech firm also previously launched an exchange-traded note (ETN) tracking the price of bitcoin last year. 

The company has also recently drastically downsized amid a downturn in the crypto market which has seen the price of bitcoin drop below $20,000. Last month, the company cut staff numbers from about 1,000 to 730. Earlier this month, The Block reported that Bitpanda's chief product officer, Lukas Enzersdorfer-Konrad, told staff there would be no mass layoffs, three weeks before axing a third of its workforce.