Home Business NewsBusiness Fitbit founder joins Coinrule funding round as auto crypto trading takes off

Fitbit founder joins Coinrule funding round as auto crypto trading takes off

by LLB Editor
27th Sep 21 12:20 pm

Fintech startup Coinrulewhich provides individual and retail cryptocurrency investors an automated crypto trading platform for their assets, has today announced a $2.2m seed funding round.

A range of decorated tech founders and investors participated in the round including Fitbit founder James Park, Twitch founder Kevin Lin and a fund in which Naval Ravikant is an investor among others*. Coinrule has also joined theYCombinator S21 cohort.

Founded in 2018, by Gabriele Musella, Oleg Giberstein and Zdeněk Höfler, Coinrule enables cryptocurrency investors to create and test automated trading strategies for their assets to benefit from market opportunities but also to protect them against adverse events. It was created with the mission to increase the accessibility of trading strategies and models, typically the preserve of investment banks and hedge funds, for anyone. In effect, Coinrule provides algorithmic trading without having to learn a single line of code. Users can access one of 4 plans: one is free, the others charge a tiered fee for Hobbyist, Trader and Pro plans.

Gabriele Musella, co-founder of Coinrulecommented: “Coinrule is perfectly placed between two super trends, hyper financialization and the growth of automation in the world. We are bridging these trends to bring everyday crypto currency holders the opportunity to seize market opportunities. This funding and joining the YCombinator programme has put us in a good place to deliver our mission for financial inclusion by giving people the tools to compete in a new world of trading.”

Coinrule has grown rapidly over the last 12 months and now has over 13,000 users trading assets worth £100m every month. In any given month, users are creating over 100,000 strategies on the platform as they seek greater ownership of their assets.

“Crypto trading volumes account for over 10% of US equity trading and there are more than 60m active crypto traders worldwide. Moreover, our insights tell us there are some 360m people owning crypto assets worldwide with 82% who are keen to act quickly to market changes but feel constrained by the lack of means to do so. The opportunity is clear and present for Coinrule to help a range of people with crypto assets to generate value and protect their assets. Over the next 5 years, we plan to expand our user base to over 2million and automate $100b in crypto trading volume” added Gabriele Musella.

“The world of finance is changing. Up to 90% of global markets are managed by bots and run by investment banks and hedge funds, leaving the average investor with few tools to compete. Learning to trade manually is difficult and time consuming and the relative knowledge of professional and hobbyist investors is very different, and so is their access to opportunities.”

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