A Tallinn, Estonia based developer of an automated crypto trading bot investing platform called 3Commas, has secured $37 million dollars in the Series B fundraising round. Jump Capital, Alameda Research, Dmitry Tokarev, and Target Global took the lead in the round.
How 3Commas is going to utilise the Funds?
The business plans to utilize the funding to extend its tested artificial intelligence (AI) and machine learning (ML) trading bots, grow its exchange ecosystem, improve developers’ access to APIs (Application Programming Interfaces) to construct applications that are utilized by investors inside the ecosystem, and recruit a team for research and development to establish DeCommas.
What is 3Commas?
The Estonian cryptocurrency trading platform was established in 2017 by Mikhail Goryunov Yuriy Sorokin and Egor Razumovskii with the goal of increasing user accessibility to trading cryptocurrency for those seeking financial freedom and success. It provides a comprehensive range of either manually or completely automated trading techniques, risk and asset monitoring tools, and bots, all supported by a sizable, low-latency cloud infrastructure, for both new and seasoned traders. The firm claims that each month, more than 70% of its members make money from deals they close on the site.
The company offers a variety of bots that the users can choose from, according to the market conditions. 3Commas is free to get started, but if you want to open more trades or need their advanced tools, then its a subscription based service.
In their seed round, which also included Alameda Research, 3Commas raised $3M in November 2020.
Do trading bots actually work?
Yes, crypto trading bots do work but they are not professionals. And moreover it depends on how well they are coded to handle the real world market.
Is crypto trading bots legal?
Yes, they are completely legal and so are the bots. The application of bots in stock and forex markets have been tried and tested.
Who are the target audience of trading bots?
The trading bots are targeting users who don’t have enough knowledge or time to look into market and read charts, but wants to invest and maintain a portfolio in crypto.