Milan-based One Trading has raised €30 million in a Series A round. The company, formerly operating under Bitpanda Pro, is now fully separated from Bitpanda and specifically caters to experienced traders, finance pros, and institutions with regulated and secure access to digital assets.
One Trading’s €30 million Series A round was led by Peter Thiel’s Valar Ventures, with MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures participating. While not officially separated from Bitpanda, the Austrian unicorn will retain a stake in the company.
"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," explained Bitpanda CEO Eric Demuth.
Building on his experience as CEO at BitPanda Pro and prior executive roles with JP Morgan, Josh Barraclough leads One Trading with the primary goal of instilling investor faith in a market that’s seen its fair share of scandals, limited regulation, and a departure from traditional financial protections.
Augmenting its VASP license, One Trading intends to operate as a MiFID trading venue, an act that would allow the platform to offer capital-efficient spot and derivative products to its customers. Adding an additional layer of protection for customers, each will be vetted through rigorous anti-money laundering (AML) and Know Your Customer (KYC) procedures as well as client appropriateness checks.
"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," commented Valar Ventures’ James Fitzgerald.