- Summary:
- The funding round led by renowned investor Peter Thiel's Valar Ventures enabled the split from Bitpanda, which will now focus on AI.
After raising EUR 30 million in funding, the Austrian cryptocurrency exchange Bitpanda Pro has announced a rebranding to One Trading. Peter Thiel’s Valar Ventures led the investment round that made the split possible, with help from MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures.
Although Bitpanda will maintain a minority position in the company, the company has decided to rebrand Bitpanda Pro as One Trading. One Trading plans to list additional cryptocurrencies like Bitcoin and Ethereum, as well as provide USD trading pairs and derivatives products.
Implications of the rebranding and what’s next for Bitpanda
Bitpanda’s native crypto currency, BEST, will be supported for trading on On Trading, further solidifying the two companies’ existing relationship. Most notably, the BEST coin is utilised to provide 15% yearly rewards to Bitpanda traders and holders.
The goal of One Trading is to provide a platform of institutional quality to both retail and institutional clients. They are also attempting to remedy the shortage of European-regulated marketplaces by providing more complex trading products to professional and institutional customers.
Ex-JP Morgan executive Josh Barraclough will now steer the new company through Europe’s regulatory systems, as it aims for greater success. In order to strengthen its VASP registration in Italy, One Trading has decided to run via a MiFID Trading Venue Licence.
One Trading claims it will fill the void left by the absence regulated crypto trading platforms in Europe by providing institutional and retail clients with “more sophisticated crypto products,” such as derivatives and spot trading. Bitpanda, on the other hand, plans to continue creating AI-focused infrastructure for financial inclusion via Bitpanda.ai, capitalising on the worldwide excitement around AI.