Bitpanda
Pro, a popular Austrian-based crypto exchange , announced today (Wednesday) a
rebranding and the successful finish of a financing round amounting to EUR 30
million. However, according to the information sent to customers, all the entity’s
assets have been sold, and the name has been changed to One Trading.
In addition,
Reddit and Twitter users report that the launch was not entirely smooth.
Trading was suspended, and withdrawals from the blockchain and via the Bitpanda
Pro mobile application were not functioning.
Bitpanda
Pro is a platform independent of Bitpanda retail brokerage, launched in 2019 to
provide a regulated and secure place to exchange digital assets. Bitpanda
decided to sell Bitpanda Pro to One Trading but will retain a minority stake in
the venture. However, the value of this stake has not been disclosed.
“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,” Eric Demuth, the CEO of Bitpanda, stated in a press release.
Nevertheless,
today’s (Wednesday) press release does not describe the move as an acquisition but as a rebranding. It also speaks of a successful funding round worth EUR 30
million, led by Valar Ventures, a venture capital co-founded by the well-known
cryptocurrency entrepreneur Peter Thiel.
Our rebranding is a major step to strengthen our crypto asset offerings and addressing the lack of regulated venues in Europe 🇪🇺 we plan to launch various sophisticated products, like derivatives & more spot crypto assets, catering to both retail and institutional investors. 💪
— One Trading (@onetrading_com) June 28, 2023
Although
Bitpanda Pro has changed owners and its name, its current CEO, Joshua
Barraclough, will retain his position and will steer the new venture.
“We
want to make crypto trading safe and accessible for all and bridge the gap to
provide an institutional-grade platform for all customer types,”
Barraclough said.
Bitpanda will retain a stake in the business, but the new company will be fully separated from the main Bitpanda group and continue to develop advanced trading products for retail investors, professionals and institutional customers.
Learn more: https://t.co/0RzqzmvsE2
— Bitpanda (@Bitpanda_global) June 28, 2023
One Trading
has made significant changes to the existing Bitpanda Pro infrastructure,
aiming to allow users to create and cancel orders in less than 250
microseconds. The company also promises low fees, deep order books, and
liquidity protection. At the same time, it wants to offer a membership model
rather than the traditional pay-per-transaction model.
Although
the new Bitpanda Pro has made ambitious promises in its official communication,
Reddit and Twitter users report initial problems with One Trading’s operation.
Users of Bitpanda Pro Cannot
Withdraw Funds
In a Reddit
thread, a user named ‘gitarr’ reported that Bitpanda Pro customers received
emails about ‘rebranding’ on Wednesday. However, in reality, this turned out to
be a sale of the exchange owned by Bitpanda to a new owner.
Comment
by u/gitarr from discussion Bitpanda Pro Exchange is sold and rebranded to One Trading – Assets currently cannot be withdrawn
in CryptoCurrency
The website
exchange.bitpanda.com, which until now directed to Bitpanda Pro, now leads to
exchange.onetrading.com (One Trading). Although the site is now functioning
normally, trading is still suspended, and users cannot withdraw funds. Neither
blockchain withdrawals nor the Bitpanda Pro mobile application is working. ‘Gitarr’ claims the exchange did not previously warn its users that it was
planning to take such a step.
Another
user, ‘Goldbaerig’, suggests that the move might have been dictated purely by
regulatory issues. Bitpanda is registered in Austria, where the local
government has required centralized crypto exchanges (CEXs) to settle taxes on their
customers’ behalf since 2024. On the other hand, One Trading is located in the
Netherlands, where such regulations do not apply.
Comment
by u/Goldbaerig from discussion Bitpanda Pro Exchange is sold and rebranded to One Trading – Assets currently cannot be withdrawn
in CryptoCurrency
Bitpanda said it tied up with Coinbase a month ago to help the cryptocurrency
exchange with the European expansion. The American exchange is using Bitpanda’s
services for catering to non-US institutions.
Bitpanda
Pro, a popular Austrian-based crypto exchange , announced today (Wednesday) a
rebranding and the successful finish of a financing round amounting to EUR 30
million. However, according to the information sent to customers, all the entity’s
assets have been sold, and the name has been changed to One Trading.
In addition,
Reddit and Twitter users report that the launch was not entirely smooth.
Trading was suspended, and withdrawals from the blockchain and via the Bitpanda
Pro mobile application were not functioning.
Bitpanda
Pro is a platform independent of Bitpanda retail brokerage, launched in 2019 to
provide a regulated and secure place to exchange digital assets. Bitpanda
decided to sell Bitpanda Pro to One Trading but will retain a minority stake in
the venture. However, the value of this stake has not been disclosed.
“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,” Eric Demuth, the CEO of Bitpanda, stated in a press release.
Nevertheless,
today’s (Wednesday) press release does not describe the move as an acquisition but as a rebranding. It also speaks of a successful funding round worth EUR 30
million, led by Valar Ventures, a venture capital co-founded by the well-known
cryptocurrency entrepreneur Peter Thiel.
Our rebranding is a major step to strengthen our crypto asset offerings and addressing the lack of regulated venues in Europe 🇪🇺 we plan to launch various sophisticated products, like derivatives & more spot crypto assets, catering to both retail and institutional investors. 💪
— One Trading (@onetrading_com) June 28, 2023
Although
Bitpanda Pro has changed owners and its name, its current CEO, Joshua
Barraclough, will retain his position and will steer the new venture.
“We
want to make crypto trading safe and accessible for all and bridge the gap to
provide an institutional-grade platform for all customer types,”
Barraclough said.
Bitpanda will retain a stake in the business, but the new company will be fully separated from the main Bitpanda group and continue to develop advanced trading products for retail investors, professionals and institutional customers.
Learn more: https://t.co/0RzqzmvsE2
— Bitpanda (@Bitpanda_global) June 28, 2023
One Trading
has made significant changes to the existing Bitpanda Pro infrastructure,
aiming to allow users to create and cancel orders in less than 250
microseconds. The company also promises low fees, deep order books, and
liquidity protection. At the same time, it wants to offer a membership model
rather than the traditional pay-per-transaction model.
Although
the new Bitpanda Pro has made ambitious promises in its official communication,
Reddit and Twitter users report initial problems with One Trading’s operation.
Users of Bitpanda Pro Cannot
Withdraw Funds
In a Reddit
thread, a user named ‘gitarr’ reported that Bitpanda Pro customers received
emails about ‘rebranding’ on Wednesday. However, in reality, this turned out to
be a sale of the exchange owned by Bitpanda to a new owner.
Comment
by u/gitarr from discussion Bitpanda Pro Exchange is sold and rebranded to One Trading – Assets currently cannot be withdrawn
in CryptoCurrency
The website
exchange.bitpanda.com, which until now directed to Bitpanda Pro, now leads to
exchange.onetrading.com (One Trading). Although the site is now functioning
normally, trading is still suspended, and users cannot withdraw funds. Neither
blockchain withdrawals nor the Bitpanda Pro mobile application is working. ‘Gitarr’ claims the exchange did not previously warn its users that it was
planning to take such a step.
Another
user, ‘Goldbaerig’, suggests that the move might have been dictated purely by
regulatory issues. Bitpanda is registered in Austria, where the local
government has required centralized crypto exchanges (CEXs) to settle taxes on their
customers’ behalf since 2024. On the other hand, One Trading is located in the
Netherlands, where such regulations do not apply.
Comment
by u/Goldbaerig from discussion Bitpanda Pro Exchange is sold and rebranded to One Trading – Assets currently cannot be withdrawn
in CryptoCurrency
Bitpanda said it tied up with Coinbase a month ago to help the cryptocurrency
exchange with the European expansion. The American exchange is using Bitpanda’s
services for catering to non-US institutions.
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- Source: https://www.financemagnates.com//cryptocurrency/bitpanda-pro-sold-to-one-trading-issues-with-withdrawals-reported/
