Bitpanda Pro becomes One Trading, raises €30m
Bitpanda Pro cryptocurrency exchange has undergone a significant transformation. It has been spun out into a standalone company called One Trading.
A successful Series A funding round accompanied this development. The funding was led by Valar Ventures, a venture capital firm co-founded by renowned entrepreneur Peter Thiel.
Bitpanda Pro is now One Trading
Bitpanda Pro, a division of the Austrian cryptocurrency company catering to institutional and professional traders, has emerged as a separate entity called One Trading, led by Josh Barraclough, previously a digital innovation executive at JP Morgan.
The investment demonstrate the growing confidence and support in Bitpanda Pro’s future prospects.
According to a June 28 announcement, One Trading has successfully secured €30 million in a Series A funding round. Valar Ventures, the investment firm of Peter Thiel, primarily led the funding.
Other participants in the funding round include MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures. Notably, Bitpanda will still retain a stake in the newly formed company.
According to Bitpanda CEO Eric Demuth, it has always been their belief at Bitpanda that staying agile and focused is key to offering the best services in the fast-paced crypto environment. With the recognition of Bitpanda Pro’s potential, they had anticipated and planned for its success to lead to its evolution into a separate business eventually.
In line with this vision, Josh Barraclough, who joined Bitpanda in October 2021 to oversee the Pro product, has announced that the newly formed entity,
One Trading, will soon introduce a crypto exchange that aims to be the fastest and most scalable in the industry. This move reflects Bitpanda’s commitment to adapt and innovate to provide cutting-edge solutions to its users.
In addition to the latest developments, Josh Barraclough has shared their ambitious vision for One Trading, making it clear that their goal is to transform it into a utility platform for major liquidity providers, offering them the ability to exchange unlimited amounts of risk through a membership model rather than a pay-per-trade structure.
This approach aims to provide low fees and deep order books for retail traders while implementing various measures to protect liquidity.
As One Trading progresses, they plan to expand its product offerings, implementing appropriate controls and vetting processes, particularly as they venture into derivatives trading.
However, the team has stated that its top priority remains to create a regulated, institutional-grade platform that instills a sense of security among traders. One Trading aims to offer unique product options and establish itself as a trusted and reliable platform for all participants.
Navigating market challenges
Bitpanda, a cryptocurrency platform that experienced remarkable success during the crypto bull market, raised significant funding from venture backers and achieved an impressive valuation of $4.1 billion.
However, like many others in the industry, it faced challenges when the bear market took hold. In June 2022, reports emerged that Bitpanda had made the difficult decision to reduce its workforce by approximately 25%.
Founded in 2014 and based in Vienna, Bitpanda initially focused primarily on serving retail customers before expanding its offerings with the introduction of its Pro product in 2019.
In a recent announcement, the newly formed entity, One Trading, revealed its intention to operate as a MiFID Trading Venue while holding a Virtual Asset Service Provider (VASP) license.
