Coinrule got 2.2 million USD in a funding round to boost its automated crypto trading platform under development for retail crypto traders and investors. The funds, however, are targeted at accelerating the expansion of the trading platform.
The company is looking to diversify its operation into the budding Decentralized Finance including conventional assets like equities as reported by Finance Feeds.
Adding to support from Kevin Lin, the Twitch founder, and James Park, Fitbit creator, the fintech firm got support from several reputable tech investors and entrepreneurs, with Naval Ravikant, an investor in the fund inclusive.
Gabriele Musella, the co-founder of Coinrule, spoke on the YCombinator S21 cohort that Coinrule joined recently: “This recent funding and our joining the YCombinator program has positioned us to carry out our mission of [massive] financial inclusion by providing the needed tools people needed to compete in this new trading world.”
The Coinrule Ethos
Coinrule was created by Oleg Giberstein, Zdenek Hofler, and Gabriele Musella in 2018 to assist investors in the crypto industry in the development and testing of automated trading strategies for the assets in their portfolios. With the development, everyone will now benefit from the trading models and techniques that are available only to hedge funds and investment banks.
In recent times, Coinrule has been able to enable retail customers engage algorithmic trading without them writing any line of code themselves. There are four plans on the site and one of them is free completely. The remaining three, however, are charged on a tiered basis. The plans include Pro (the most expensive), Trader, and Hobbyist plans.
Musella added to her statement; “The finance world is evolving. Close to 90% of the entire markets across the globe are run and managed by bots which are controlled by hedge funds and investment banks, leaving an average trader nothing but few tools to try. Manual trading is very laborious especially when learning it. The knowledge of a professional trader and a hobbyist is relatively different likewise the access they have to opportunities.”
It is noteworthy to mention that notable crypto exchanges like Binance, Coinbase, Bitstamp, Kraken, and other global exchanges have partnered with Coinrule already which positioned itself as the bridge between the previous world of finance and the new one by making the automated SaaS trading platform accessible to all assets’ traders across the world.