Austrian Bitpanda plans to launch crypto derivatives

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Bitpanda, the Austrian fintech unicorn, is setting up a new crypto derivatives trading desk.

The crypto company is currently trying to hire a trade manager for its ‘Bitpanda Pro’ product, which is aimed at experienced traders and institutions. The role involves setting up a new trading function, focusing first on an OTC spot desk, but then expanding to derivatives.

Derivatives, such as futures and options, allow traders to place bets and hedge the performance of underlying assets, in this case cryptocurrencies.

Former JPMorgan executive Joshua Barraclough, who was hired to lead Bitpanda Pro at the end of October, told The Block that the company is hiring a team of experienced institutional salespeople to strengthen the company’s presence in Europe.

“We have a lot of new features and exciting new products online,” he said. “As a specialist and professional exchange, the goal of Bitpanda Pro is to offer very complex financial instruments.”

Bitpanda has never offered any derivatives before, according to a spokesperson. The plan is to offer derivatives exclusively to Bitpanda Pro customers.

Prior to joining Bitpanda, Barraclough was Co-Head of Digital Innovation at JPMorgan, responsible for building new businesses and new products. Prior to that, he served as the bank’s global head of fintech.

“Bitpanda Pro hasn’t had the same exposure as Bitpanda, and my job is to change that and really turn our stock and institutional offering into the number one stock exchange in Europe,” he said. “Some of my first initiatives are to strengthen our liquidity and prices and we have launched a market maker equity incentive program that will make our traded pairs the most attractive in the EU.”

Bitpanda raised $ 263 million at a valuation of $ 4.1 billion in a Series C funding round led by Peter Thiel’s Valar Ventures in August.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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