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The 7th of August is not only the 1st trading anniversary for BEST, but also another landmark milestone for us as Bitpanda Pro turns one year old. So we put together a recap post to celebrate all our users and team members who accompanied the evolution of the Bitpanda Global Exchange to Bitpanda Pro, and beyond.
Throwback to the 7th of August, 2019 at 13:00 CET. It is a sweltering day in Vienna. Thousands of users are waiting to start trading. After more than two years of long nights and countless hours of testing, the team behind the Bitpanda Global Exchange is ready to launch the most ambitious and complex Bitpanda project to-date: a European exchange offering crypto-to-crypto trading around the world (excluding the USA and China) and fiat-to-crypto trading in more than 54 countries.
A reliable and trusted exchange
Taking an unorthodox approach in the crypto industry, the Bitpanda Global Exchange has been developed 100% in-house, in line with strict EU compliance requirements. Launching an exchange was the next logical step for us after successfully establishing Bitpanda as a trusted broker service.
Only a few days earlier, Bitpanda not only crossed the milestone of one million users but also sold out its Initial Exchange offering (IEO) for the Bitpanda Ecosystem token (BEST). The amount of €43.6 million, that was raised with BEST in the scope of the IEO, was and is being used to drive the expansion of the Bitpanda ecosystem. The launch of the Bitpanda Global Exchange was an important first step on this journey.
A new world
Fast forward five days to the 12th of August. More than 1,000 traders have actively been trading on launch day, with others watching the overall performance. During the first 24 hours, trading volume reaches €1.722 million. Over the next few days users generate a respectable general volume for a brand-new exchange of around €0.5 to €2 million a day.
While the team is proud that there haven’t been any technical hiccups, it becomes evident that some of the existing Bitpanda user base will need more time to familiarise themselves with trading cryptocurrencies and knowledge on how to trade on an exchange. We addressed this in an open letter by our CEOs shortly after launch.
Right after the launch, no fewer than 15 smaller updates including new features to increase API performance and to improve the UI are rolled out by the exchange team.
As the size of the Bitpanda team grows, BEST also gains traction over the course of autumn as an increasing number of traders are onboarded. During an AMA, Bitpanda CEO, Paul Klanschek, announces further new products, new features, new digital assets, new trading pairs and the first BEST incentive: the upcoming activation of trading fees payment on Bitpanda Pro with BEST.
Payment with BEST on the Bitpanda Global Exchange
And the promise is delivered. Starting from the 30th of October, users are able to pay their trading fees on the exchange using BEST and receive a 25% reduction on their fees. In addition, Bitpanda guarantees users that one BEST will have a minimum value of €0.12 when used to pay fees until the end of 2020. Shortly after, the first BEST token burn is announced for after the first quarter of 2020, to continue on a quarterly basis.
FinTech Austria Award
In November, Bitpanda receives the FinTech Austria Award as a testament to actively shaping the growing Viennese Fintech scene, December sees the successful launch of a partnership between the Bitpanda Global Exchange with trading bot platform HaasOnline, allowing traders on the exchange to deploy customised crypto trading bots with manually fine-tuned strategies within minutes.
Burning for the burn
As an increasing number of traders use BEST to pay their trading fees on Bitpanda Global Exchange and in light of the tremendous popularity of BEST in the Bitpanda community, the date of the first BEST burn is moved forward to the 30th of January from the end of April in another step towards Bitpanda’s growth strategy for BEST and the exchange.
In the meantime, while volume and liquidity of the exchange rise sustainably and the Bitpanda Global Exchange team grows in numbers, additional features are offered to traders with a focus on increasing solid development. The publication of new and in-depth public API documentation is met with great trader interest on the front of algorithmic trading, as Bitpanda enters into further partnerships with trading bot providers.
Bitpanda Global Exchange becomes Bitpanda Pro
It wouldn’t be Bitpanda though if we weren’t always challenging the status quo. After thorough analysis, Bitpanda announces the re-positioning of the Bitpanda Global Exchange for the beginning of March 2020 to offer new users and institutional clients even better trading. And hence, not even nine months after the launch of the asset exchange product, Bitpanda proudly presents the adaptations - and a brand-new name. Who says we aren’t full of great surprises?
From March 2020, Bitpanda Global Exchange is now Bitpanda Pro with a focus on crypto-to-fiat markets with European currencies (EUR, CHF and GBP), and providing users with the most secure go-to-place for digital asset trading with European fiat currencies.
The BEST trading experience
Behind the scenes, Bitpanda Pro keeps working to deliver on another promise made to traders - soon, the start of the first trading competition on Bitpanda Pro is announced for the 22nd of April.
Bitpanda and Bitpanda Pro are increasingly garnering the attention of international media with the announcement of expansion plans to offer services to users in France, Turkey and Spain. For exchange users, the service range is expanded further by the Bitpanda Pro partnership with NapBots and a Bitpanda blog article series on how to get started on Bitpanda Pro as a novice trader.
The BEST exchange
In the middle of May 2020, Bitpanda scores a double victory, when Boerse-online.de, a subsidiary of finanzen.net, publishes its analysis of all established broker and exchange platforms with high Euro trading volume.
Bitpanda and Bitpanda Pro both finish on top, with Bitpanda Pro coming in on top overall as Börse Online deems Bitpanda Pro Europe’s exchange with the most competitive fees, best service and security - after launching just nine months earlier!
The end of May sees another update with over 100 improvements added to Bitpanda Pro including advanced order types and a reworked mobile user-interface, a partnership with trading bot service provider Cryptohopper and the integration of the CCXT library function for advanced exchange users.
A hot summer birthday
Fast-forward to the 7th of August, 2020, another sweltering day in Vienna. The exchange is busier than ever with traders enjoying a sizzling summer of trading competitions hosted on Bitpanda Pro. From trading as much as possible across all Bitpanda markets, to pushing the prize pool “To the Moon”, to reaching new trading peaks by Going Swiss and the biggest competition still to come, traders have been offered the chance to participate in new challenges on Bitpanda Pro, every few weeks, all summer long.
Because this is just what we do at Bitpanda: we work hard and we have fun - and we couldn’t have done it without the loyal support of Bitpanda and Bitpanda Pro users!