In a bid to attract more institutional investors to the upcoming platform, One Trading plans to provide free trading on all cryptocurrency pairs listed on the exchange.
Cryptocurrency exchange One Trading, formerly known as Bitpanda Pro, has announced plans to introduce its new trading venture that aims to offer users swift digital asset trading experience in the coming weeks.
Scheduled to debut at an undisclosed date in the next few weeks, the company said its F.A.S.T platform will address the scalability challenges experienced in other crypto platforms and offer users a faster trading experience.
Unparalleled Advantages in the Crypto Market
The firm, which spun off from the Austrian-based crypto exchange Bitpanda earlier this year to operate independently, said its matching and risk engine boasts an operational speed of less than one microsecond.
According to a report by The Block on Thursday, the exchange claims users can execute over 200 round trips involving price discovery, order creation, and cancellation on the platform before placing a single order on well-established competing exchanges.
To substantiate its claims, the company mentioned that its new venture underwent independent testing by Amazon Web Service (AWS) to assess its speed. Following the evaluation, AWS found that “One Trading’s round trip of 112 microseconds beats the 126 microseconds on offer at London Stock Exchange Group’s Turquoise venue and is 1,000 times faster than CME’s global Matching Engine.”
The European-based firm stated that its new trading venue, F.A.S.T, is expected to redefine speed and efficiency upon launch. It will also provide a suite of regulated product offerings to users to capitalize on the emerging economy.
“Our team has worked relentlessly to create a trading venue that redefines speed and efficiency. With F.A.S.T, we aim to empower our customers with unparalleled advantages in the competitive world of crypto trading,” said Josh Barraclough, CEO of One Trading.
One Trading to Offer Free Trading on Crypto Pairs
In a bid to attract more institutional investors to the upcoming platform, the exchange plans to provide free trading on all cryptocurrency pairs listed on the exchange.
The company will give users access to spot and OTC trading options with “instant settlement.” Additionally, the exchange asserts that the platform is supported by institutional-grade security and post-trade settlement capabilities.
The platform began operating as a separate entity from Bitpanda in June following a £30 million funding round from institutional investors. The series A funding round was led by Peter Thiel’s Valar Ventures and saw participation from MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures.
Despite splitting from Bitpanda, the exchange will retain a stake in One Trading. The firm currently employs 34 individuals, with Barraclough leading the team.
Entering an already crowded market for crypto exchanges, where CoinMarketCap tracks 227 spot exchanges globally with a combined 24-hour volume of $434.34 billion, according to its website, One Trading aims to set itself apart through its focus on speed.
Greg McLoughlin, the strategy and growth lead at the firm emphasized the company’s potential advantage in price discovery and execution.
“Given the price discovery and execution advantage versus other venues, we believe that we can be the central risk transfer venue for all major liquidity providers. On top of this, making it free to trade means that big institutions can exchange risk and axes at the lowest costs,” he said.
