Bitpanda Pro, a division of the Austrian cryptocurrency company that serves institutional and professional traders, has rebranded itself as One Trading under the leadership of Josh Barraclough, who previously held a position as a digital innovation utive at JP Morgan.
This move reflects the increasing confidence and support in the prospects of Bitpanda Pro. A statement released on June 28 announced that One Trading has effectively raised €30 million in a Series A funding round. Leading the investment was Valar Ventures, the investment firm founded by Peter Thiel.
Following a successful Series A funding round, Bitpanda Pro is evolving into One Trading and becoming a separate company. While the Pro team was always quite independent, we share the belief that this is the logical next step in order for them to achieve their full potential.
— Bitpanda (@Bitpanda_global) June 28, 2023
Several other entities participated in the funding round, including MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures. Importantly, Bitpanda will maintain its ownership stake in the newly established company.
Bitpanda CEO Eric Demuth expressed the belief that maintaining agility and focus is crucial for providing top-notch services in the rapidly changing cryptocurrency landscape. Recognizing the potential of Bitpanda Pro, they had anticipated and prepared for its growth by envisioning its transformation into an independent business.
Aligning with this vision, Josh Barraclough, who joined Bitpanda in October 2021 to oversee the Pro product, has recently announced the establishment of the newly formed entity. One Trading, the newly formed entity, is set to launch a cryptocurrency exchange that strives to be the industry’s fastest and most scalable platform. Additionally, this development showcases Bitpanda’s dedication to adapting and innovating, ensuring its users access state-of-the-art solutions.
Building Trust and Confidence Among Traders on One Trading
Josh Barraclough has outlined an ambitious vision for One Trading, emphasizing their objective to evolve the platform into a utility-based eco catering to significant liquidity providers. The aim is to allow these providers to exchange vast quantities of risk through a membership model, as opposed to a traditional pay-per-trade structure. This strategic direction signifies a shift towards offering enhanced value and flexibility for the platform’s users.
To offer cost-effective transactions and maintain substantial order books for retail traders, this approach incorporates several measures to safeguard liquidity. As One Trading moves forward, its strategy includes expanding the range of products available while implementing robust controls and thorough vetting procedures, especially in derivatives trading.
Nevertheless, the team has emphasized that their utmost focus is on creating a regulated platform of institutional quality that instills confidence and trust among traders. One Trading aims to provide distinctive product choices and establish itself as a reputable and dependable platform for all participants.
Overcoming Market Challenges
Bitpanda, a cryptocurrency platform that enjoyed significant success during the bullish crypto market, attracted substantial funding from venture investors and attained an impressive valuation of $4.1 billion.
Nevertheless, similar to numerous industry players, it encountered obstacles as the bear market prevailed. In June 2022, news surfaced that Bitpanda had made the challenging choice to downsize its workforce by approximately 25%.
Established in 2014 and headquartered in Vienna, Bitpanda initially concentrated on catering to retail clients before diversifying its services by launching its Pro product in 2019. In a recent statement, One Trading, the recently established company, disclosed its plans to function as a MiFID Trading Venue and obtain a Virtual Asset Service Provider (VASP) license.
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