• Bitpanda, based in Austria, intends to launch cryptocurrency derivatives

  • Bitpanda, the Austrian unicorn in fintech, is launching a new crypto derivatives trading desk.

    The cryptocurrency company is currently looking for a trading head for its “Bitpanda Pro” product, which caters to experienced traders and institutions. The position entails establishing a new trading function, initially focusing on a spot OTC desk but eventually expanding into derivative products.

    Futures and options, for example, allow traders to bet on and hedge the performance of underlying assets, in this case cryptocurrencies.

    Former JPMorgan executive Joshua Barraclough, who was appointed to lead Bitpanda Pro in late October, told ULTCOIN365 that the company is hiring a team of experienced institutional salespeople to beef up its presence in Europe.

    “We’ve got a lot of exciting new features and products in the works,” he said. “Bitpanda Pro’s goal as a specialized and professional exchange is to provide highly complex financial instruments.”

    According to a spokesperson, Bitpanda has never offered derivative products before. The plan is to only offer derivatives to Bitpanda Pro customers.

    Prior to joining Bitpanda, Barraclough was JPMorgan’s co-head of digital innovation, where he was in charge of developing new businesses and products. Prior to that, he was the bank’s global head of fintech.

    “Bitpanda Pro has not had the same exposure as Bitpanda, and my job is to change that and truly transform our exchange and institutional offering into the number one exchange in Europe,” he explained. “Some of my first initiatives have been to strengthen our liquidity and pricing, and we have launched a market maker equity incentive program, which will make our traded pairs the most appealing in the EU.”

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

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