The stock exchange BitPanda Pro based in Austria will now operate independently of its parent company BitPanda. As part of this operation, BitPanda Pro, now called One Trading, shut down a funding round that raised $33 million. BitPanda will nevertheless retain a minority stake in One Trading, the size of which has not been disclosed.
A new chapter for BitPanda Pro
Bitpanda started its operations as a crypto broker and exchange. Subsequently, its mobile investment platform integrated features for buying and selling stocks, ETFs, precious metals and commodities.
Bitpanda originally created Bitpanda Pro in 2019 to provide a secure and regulated platform for retail traders, financial professionals and institutions.
After four years, Bitpanda Pro is now an independent entity and will start operations with the completion of a new round of funding. In this financing round participated Valar Venturesco-founded by billionaire entrepreneur Peter Thiel, MiddleGame Ventures, speedinvest, Keyrock And Wintermute Ventures.
Bitpanda CEO, Erik Demuthstated it the separation of the two entities was foreseen from the start :
“Since we launched Bitpanda Pro, given its potential, we always knew and expected that its success would naturally evolve it into its own business.”
Ambitious operational goals
Although it is one of the oldest platforms in Europe, Bitpanda Pro’s trading volume is far from that of large market players such as e.g Binance And Coin base. According to data from CoinMarketCap, $888,000 in transactions were processed on the platform in the last 24 hours. In comparison, Binance and Coinbase saw over $8 billion and nearly $1 billion in trades, respectively.
One Trading’s aim would be to address the lack of regulated crypto exchanges in Europe. For this, One Trading will provide a number changes in its infrastructure which will allow it to become a quality institutional platform for all types of customers. More sophisticated crypto products will soon be developed by the company.
One Trading has also announced its intention to become a MiFID compliant trading platform (Directive on markets in financial instruments) from the EU, in addition to its existing Virtual Asset Service Provider (VASP) license. The company adds that the MiFID license will allow it to list financial instruments:
“(…) this will remove the question of whether a DLT asset is a token or a security.”
The management of One Trading will be provided by the CEO of Bitpanda Pro, Joshua Barraclough. The latter joined Bitpanda in late 2021 after a stint as co-head of digital innovation at JP Morgan in London. Crypto trading services will still be offered by Bitpanda. However, it will act as a broker and not an exchange.