One Trading, the digital asset platform offering retail investors access to inst
One Trading, the digital asset exchange formerly operating under the Bitpanda Pro brand, today announced that it has raised €30m and fully separated from Bitpanda, as it continues to strengthen its offering of crypto assets to both retail and institutional investors in Europe. The round was led by Peter Thiel’s Valar Ventures, with participation from MiddleGame Ventures, Speedinvest, Keyrock and Wintermute Ventures. Bitpanda will retain a stake in the company.
Launched by Bitpanda in 2019 to provide experienced traders, finance pros and institutions with regulated and secure access to digital assets, Bitpanda Pro disappears today to make way for One Trading, as a new business totally independent from Bitpanda. On the news of the separation, Bitpanda CEO Eric Demuth commented, "It is our philosophy at Bitpanda that you have to stay agile and focused to provide the best services in this fast environment. Since we first launched Bitpanda Pro, given its potential, we always knew and planned that its success would naturally make it evolve to become its own business"
One Trading, led by TradFi heavyweight and ex-JP Morgan exec Josh Barraclough, aims to address the lack of regulated venues in Europe by offering more sophisticated crypto products, including derivatives and spot trading, to both institutions and retail customers. With many traditional finance players lacking experience in the crypto market, there is a significant gap in providing long-term product confidence and success. As it detaches itself from the Bitpanda Pro brand, One Trading is taking aim at a market that has recently been rocked by a lack of trust perpetuated by limited regulation and divergence from traditional financial protections - something Barraclough is looking to reinstate.
Joshua Barraclough, CEO of One Trading said, "We want to make crypto trading safe and accessible for all and bridge the gap to provide an institutional grade platform for all customer types. We have been rolling out a rebrand and a number of big infrastructure changes. 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. 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. We will then start listing more products with appropriate controls and vetting as we move into derivatives. Above all we want a regulated, institutional-grade platform where people feel safe to trade with unique product options".
Commenting on its investment in Josh Barraclough and One Trading, James Fitzgerald, a founding partner of Valar Ventures, said: "The crypto markets have struggled to create a regulated solution that both institutions and retail customers can believe in long-term. With Josh’s experience at JP Morgan and the tradFi, crypto and regulatory clout that he brings to the opportunity, we believe One Trading will regain traders’ trust and build confidence in a product that delivers both on regulation, and improved technology".
One Trading intends to operate as a MiFID Trading Venue, which will augment its existing VASP licence, and would allow its platform to offer capital efficient spot and derivative products for all customer types. It also offers a higher level of protection for customers who will be vetted through stringent anti-money laundering (AML) and Know Your Customer (KYC) procedures as well as client appropriateness checks. The full-scale MiFID license will also allow One Trading to list financial instruments – removing the debate over whether a DLT asset is a token or a security – and will permit new products to be designed from the ground up with appropriate vetting, transparency and customer protection in mind. One Trading’s platform also offers access to electronic OTC trading with instant settlement, delivered via a user-friendly interface, as well as the fastest retail facing spot exchange in the market supported by institutional-grade security and post-trade settlement capabilities.
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