SC Ventures, the investment arm of Standard Chartered, participated in a recent funding round for European crypto-asset exchange One Trading.
The round also saw participation from MiddleGame Ventures, an existing investor, as well as VC firms Valar and SpeedInvest, according to an official press release. The terms of the deal were not disclosed.
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One Trading Receives OTF License
The funding follows a recent regulatory win for One Trading, as it received an Organised Trading Facility (OTF) License from the Dutch financial market regulator.
The license positions One Trading as the first MiFID II trading venue in the European Union, specializing in crypto perpetual futures trading. It is also the first platform in Europe, including the UK, to offer cash-settled perpetuals and the only regulated derivatives exchange 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,” Alex Manson, CEO of SC Ventures, said.
“We congratulate the team on becoming the first MiFID II trading venue for crypto perpetual futures in the EU,” Manson added. “We look forward to One Trading providing much needed infrastructure to all participants in the EU and further afield.”
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
Notably, One Trading’s roots can be traced back to Bitpanda Pro, established in 2019 by crypto platform Bitpanda.
In June 2023, the company was spun off following a successful Series A funding round that raised $32.5 million. This round was led by Valar Ventures, a firm co-founded by PayPal co-founder and tech investor Peter Thiel.
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Standard Chartered Resumes Push Into Crypto
Standard Chartered is increasingly active in the crypto sector. In June 2024, Standard Chartered announced the launch of a spot trading desk for Bitcoin and Ethereum. The crypto trading desk is integrated into Standard Chartered’s Foreign Exchange (FX) trading decision.
This month, the bank also launched a digital asset custody service in the UAE, allowing clients to store major cryptocurrencies. The custody services were licensed by the Dubai Financial Services Authority.
More recently, Standard Chartered partnered with Crypto.com to provide the exchange with tailored banking and payment solutions. As part of the partnership, Crypto.com users will be able to access USD, EUR and AED deposit and withdrawals.
Furthermore, Standard Chartered has shown a bullish outlook on cryptocurrency markets, particularly Bitcoin. The bank has revised its forecast for Bitcoin, predicting it could reach $150,000 by the end of 2024.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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