One Trading, formerly Bitpanda Pro, bags €30m funding
One Trading, the digital asset exchange formerly operating as Bitpanda Pro, has raised €30 million in funding and announced it is now fully independent from Bitpanda.
One Trading secures €30m
The funding round was led by Peter Thiel’s Valar Ventures with participation from MiddleGame Ventures, Speedinvest, Keyrock and Wintermute Ventures.
Launched in 2019 by Bitpanda to provide experienced traders and institutions with “regulated and secure” access to digital assets, Bitpanda Pro, now One Trading, will be led by ex-JP Morgan executive Josh Barraclough, who joined the firm in 2021. Bitpanda will continue to retain a stake in the company.
Plans post rebrand
One Trading says it aims to address the lack of regulated crypto trading platforms in Europe by offering “more sophisticated crypto products”, including derivatives and spot trading, to both institutions and retail customers. It aims to operate as a MiFID Trading Venue, augmenting its existing Virtual Asset Service Provider (VASP) licence.
The firm adds that the MiFID licence will allow it to list financial instruments, “removing the debate over whether a DLT asset is a token or a security”, and will allow new products to be designed from the ground up with appropriate vetting, transparency and customer protection in mind.
“We will be going live shortly with what we believe to be the fastest and most scalable exchange (<250 microsecond order create/cancel) based on real world metrics available to a shared retail and institutional audience,” comments Barraclough.
“We aim to become a utility for large liquidity providers to exchange unlimited amounts of risk under a membership model instead of pay-per-trade and have low fees and deep books for retail with a number of liquidity protections.”
