Crypto Broker Sees Users Drawn to Bots to Beat Volatile Trading
- BitUniverse valued at $50 million in its last funding round
- Platform provides users with liquidity from Binance and Huobi
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A fledgling Chinese brokerage is betting that investors will flock to bot trading to capitalize on the price swings in the $300 billion cryptocurrency market.
BitUniverse, a startup that counts China’s Shunwei Capital and ZhenFund among its backers, has a monthly trading volume of around $5 billion on its online brokerage platform, according to Beijing-based founder Chen Yong. And more than 80% of its 100,000-some users run a grid trading algorithm every day, which automates buy and sell orders at certain regular intervals to capitalize on normal price volatility, Chen said.