Digital asset exchange Bitpanda Pro has raised €30 million in a Series A funding round and is rebranding as One Trading.
Valar Ventures, co-founded by entrepreneur Peter Thiel, led the funding round. One Trading, now a separate entity from Bitpanda Pro, aims to cater to institutional and professional traders in the cryptocurrency market.
The investment demonstrates the growing belief and support for Bitpanda Pro’s potential. Other partners in the funding round include MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures.
However, the company will retain ownership of the newly established business. Bitpanda CEO Eric Demuth explains that they always believed that providing top-notch services in the crypto market required flexibility and focus.
They anticipated Bitpanda Pro’s popularity leading to its growth as an independent firm. A former JP Morgan executive, Josh Barraclough is leading One Trading and plans to unveil a fast and scalable cryptocurrency exchange.
Barraclough envisions One Trading becoming a utility platform for major liquidity providers. It enables them to exchange large amounts of risk through a membership model.
Navigating market challenges
The company aims to offer low costs, deep order books, and implement liquidity protection mechanisms for retail traders. Security and regulation remain top priorities for One Trading.
Bitpanda faced challenges during the bear market for cryptocurrencies and had to reduce its workforce by 25% in June 2022. However, with the successful funding round and the establishment of One Trading, they continue to adapt and innovate.
The company, founded in 2014 in Vienna, initially served retail customers before expanding with the launch of Bitpanda Pro in 2019. One Trading aspires to operate as a MiFID Trading Venue.
It holds a Virtual Asset Service Provider (VASP) license, aiming to offer a broad range of products while maintaining regulatory compliance and building user trust.
