Undisclosed · Growth/Late · Fintech · Milan, Italy
One Trading has secured an undisclosed strategic investment from Nasdaq Ventures as the two companies explore how their market-infrastructure capabilities could support continuously operating derivatives markets. The 8 October announcement says the work may combine Nasdaq's global distribution, client relationships and exchange-technology experience with One Trading's cloud-deployed trading and risk engine, including for 24/7 equity futures.
The financing does not come with a disclosed amount or terms. It is also not an announced technology deployment: One Trading and Nasdaq say they will evaluate future collaboration, product expansion and long-dated futures rather than committing to a launch timetable.
Bringing execution, risk and settlement into one engine
One Trading's core product is a deterministic platform that integrates order matching, margining, risk management, settlement and liquidation. According to the company, cross-collateral netting and continuous settlement reduce the amount of margin participants must lock up, while automatic liquidations remove the need for a mutualised default fund.
That design matters for markets intended to run beyond conventional exchange hours. A continuously open venue cannot rely on the same end-of-day reset points as a traditional trading session, so risk controls, collateral and settlement must operate alongside execution. One Trading's current product specifications list five-year futures tied to crypto assets and US equities including Nvidia, Amazon, Alphabet, Tesla, Microsoft and Meta, with USD, EUR and GBP accepted as collateral.
The company operates a MiFID II trading venue supervised by the Dutch Authority for the Financial Markets. Its legal disclosures also identify One Trading Exchange B.V. as a regulated crypto-asset service provider. That combination gives it a regulated setting in which to test market mechanics developed in always-on digital-asset trading against products referencing conventional securities.
Strategic validation comes before distribution
Nasdaq Ventures describes market infrastructure and digital assets as two of its investment themes, and says it looks for strategic alignment with Nasdaq business units. In this case, the clearest value of the investment is not the undisclosed cheque but the possibility of connecting One Trading's integrated engine with an incumbent market operator's institutional reach.
The harder test comes after that validation. FinanceFeeds notes that liquidity, reference pricing and surveillance become more difficult when equity-linked products trade while the underlying cash market is closed. The partnership therefore has to prove that continuous operation can attract enough counterparties and preserve reliable pricing, not only that the underlying technology can remain online.
One Trading, formerly Bitpanda Pro, previously raised a €30m Series A in 2023, according to its Tech.eu Funding Explorer profile. Nasdaq Ventures now adds a market-infrastructure investor as the venue moves from crypto derivatives towards a broader set of continuously traded futures.
Sources checked:
One Trading · One Trading product specifications · One Trading legal notice · Nasdaq Ventures · FinanceFeeds · Tech.eu Funding Explorer
