Banking Giant Bets Big on EU’s First Regulated Crypto Futures Platform
The
European cryptocurrency exchange One Trading (formerly known as Bitpanda Pro)
has just secured strategic funding from SC Ventures, the investment arm of
Standard Chartered. This coincided with the digital asset platform obtaining
new crypto authorization in the Netherlands.
SC Ventures Backs One
Trading Following EU Crypto Derivatives Approval
One Trading
plans to use the funds to launch the EU’s first crypto perpetual futures as a
MiFID II trading venue. This follows the company’s July 2024 acquisition of an
Organised Trading Facility (OTF) License from the Dutch Financial Markets
Authority, establishing it as a MiFID II-compliant platform.
We are excited to announce that @scventuresDNA have made a strategic investment in @OneTradingEU. As part of this round, existing investor @middlegamevc have also increased its stake in One Trading, while Valar and @speedinvest also participated. pic.twitter.com/E73WTdbTvK
— One Trading (@OneTradingEU) September 17, 2024
Until June
of last year, One Trading operated as Bitpanda Pro, an independent section of
the popular Bitpanda platform designed for more advanced users. However, the
exchange announced
a rebranding that coincided with securing €30 million in a funding round
led by Valar Ventures.
We are delighted to announce @OneTradingEU has been granted an Organised Trading Facility (OTF) License by the Dutch financial regulator bringing crypto futures onshore in the EU.With this new licence, One Trading becomes the only perpetual futures trading venue in the EU. pic.twitter.com/hzkAVwmlce
— One Trading (@OneTradingEU) July 29, 2024
“As a
major, multinational bank with a commitment to innovation, SC Ventures is
dedicated to driving digital assets market infrastructure. We welcome them as
an investor in the company and believe they can add a lot of value to One
Trading and our clients,” commented Joshua Barraclough, Founder and CEO of One
Trading.
The
regulatory approval positions One Trading as the sole provider of crypto
perpetual futures trading in the EU and the first cash-settled perpetuals
platform in Europe, including the UK. Notably, it will be the first regulated
derivatives exchange in Europe accessible to retail clients.
“Financial
innovation should not come at the cost of consumer protection, that’s why we
are glad to see One Trading receiving the OTF License.,” said Alex Manson, CEO
of SC Ventures. “We look forward to One Trading providing much needed
infrastructure to all participants in the EU and further afield.”
The
investment round, which closed on September 17, 2024, also saw participation
from existing investor MiddleGame Ventures, as well as Valar and SpeedInvest.
Financial terms were not disclosed.
In the
meantime, Bitpanda currently positions itself not only as a cryptocurrency exchange
but as a all-in-one investing platform for retail traders in Europe and MENA.
Last month it extended partnership with CoinMENA to expand crypto asset
services in the Middle East. Few months earlier, it reached a 5 million users
milestone, increasing the overall client base by 500,000 in Q2 2024.
This article was written by Damian Chmiel at www.financemagnates.com.