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Bitpanda Pro spins out as One Trading and raises €30M

Jun 28, 2023
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Illustration: Aïda Amer/Axios

One Trading, a digital asset exchange formerly operating as Bitpanda Pro, has spun out and raised €30 million in Series A funding led by Peter Thiel’s Valar Ventures.

Why it matters: Investors still see an opportunity for a more sophisticated, regulated digital asset exchange to emerge, in spite of — or perhaps because of — the collapse of FTX and others.

Context: Bitpanda Pro was founded in 2019 to offer more-sophisticated crypto trading tools and products for advanced retail and institutional investors.

  • The unit was led by former JPMorgan digital innovation head Joshua Barraclough, who joined as CEO in 2021.

What’s happening: The Milan, Italy-based firm has spun out and will now operate as a separate entity under the One Trading brand.

  • The company aims to offer crypto products like derivatives and spot trading to institutional and retail investors.

What they’re saying: Barraclough says he worked with the Bitpanda board and raised external capital to spin out One Trading because “I had a strong view on what right level of investment was to take the exchange where it needed to be … and the product that I wanted to build.”

  • “In order for that to be successful, it never really made sense for that to be in Bitpanda.”

Details: One Trading has a spot trading license and is working to obtain a MiFID trading venue license in the Netherlands, which Barraclough says will allow the firm to provide listed securities for all customer types across Europe.

  • “A lot of the people who I’m hiring or brought in are ex-TradFi, have worked on exchanges, traditional trading floors or market makers," he says. "It's a very different profile to kind of what you see at a broker.”

The intrigue: One Trading’s focus is solely on Europe, and the company has no plans to enter the U.S., a market which Barraclough says has a “significant lack of clarity” when it comes to regulation.

  • “We've always been a regulatory-first venue, so when everyone else was setting up in the Bahamas and committing regulatory arbitrage, we were always of the view that regulation was key,” he adds.

Of note: Bitpanda has retained a stake in the new company.

  • MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures also participated in One Trading’s Series A round.
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