Cryptocurrencies.AI said to raise $8m as it looks to increase confidence in decentralised finance

Cryptocurrencies.AI, a crypto trading platform, has reportedly netted $8m in a funding round.

The round was backed by Alameda Research, Alphabit, DFG, AU21, Master Ventures, Fomocraft Ventures, Protocol Ventures, A195, GBIC and Rarestone Capital, according to a report from CoinDesk.

Based in New York, the company aims to quash the stigma around decentralised finance being too complex and separate from centralised finance, it said.

Cryptocurrencies.AI operates a trading platform that operates with both centralised and decentralised components. Its crypto trading exchange has built-in tools for automation, customisation and performance analysis.

Its smart trading feature supplies users with the ability to use order entry with deeper customisation and create multiple orders, such as buy/sell, stop loss, and take profit all in one entry.

The cryptocurrency market has been quite a roller coaster this month. Bitcoin and Dogecoin prices have soared and plummeted, with Elon Musk’s tweets being a major force behind both the rise and fall.

Mush recently stated Tesla would no longer accept bitcoin as a payment method due to the huge impact mining has on the environment, particularly from its consumption of coal.

However, many players in the cryptocurrency world are not worried by the impact this might have on the crypto landscape.

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.