100x Ventures, the venture unit behind 100x Group and popular cryptocurrency exchange BitMEX, has made an undisclosed amount of investment in Cryptense, the company behind crypto trading automation platform Kryll.io.
Announcing the development in a blog post today, the investment will see the Kryll.io automation bot be fully integrated on BitMEX exchange and other 100x-related platforms.
Furthermore, Kryll.io users will be able to conveniently trade on BitMEX via the partnership, the announcement reads.
Alex Höptner, CEO of 100x Group acknowledged the importance of cryptocurrency trading to modern-day traders, as the software has been widely adopted, especially now that the market is highly volatile.
Höptner added that Kryll.io popularity among cryptocurrency enthusiasts goes to show how important the trading bot has become over the years, adding:
“Through our collaboration, we’re excited that Kryll.io users will soon be able to trade on the BitMEX platform.”
Luca Benevolo, the CEO, Founder, and Architect at Kryll.io, said the company is in the process of adding support for BitMEX to its platform to enable the exchange’s users to effectively conduct automated cryptocurrency trading.
“100x is a tremendous partner, and we look forward to harnessing its investment for the ultimate benefit of all our users,” Benevolo said.
Massive Adoption of Cryptocurrency Trading Bots
Unlike Forex and stock, the cryptocurrency market works on a 24/7 basis, with traders required to commit a large amount of their time to trade various digital financial instruments.
While this is not possible, several fintech companies have provided solutions in the form of software that helps traders and investors regularly monitor the market and follow users’ programmed set of rules.
The crypto niche has blossomed over the years as the crypto market continues to show signs of massive volatility, with more developers venturing into the sector.
Launched in 2017, Kryll.io enables users to implement trading strategies. Users require no prior coding skills before they can use the service, as traders can take advantage of the bot’s drag and drop editor.
Meanwhile, BitMEX is still trying to forge ahead amid its legal woes by providing effective services for its clients.
The firm is instrumental in the development of the Bitcoin network, which has seen it award over $300,000 in grants to various Bitcoin developers.
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