Automated crypto bot trading platform 3Commas has announced the completion of its series B funding round. The platform secured $37 million in the financing round led by Target Global.
The equity financing session also had financial technology investors Alameda Research, and Jump Capital as well as the founder and CEO of Copper Dmitry Tokarev in participation.
According to its CEO Yuriy Sorokin, 3Commas will use the funds to advance its technology, improve its machine learning to increase profitability, and offer varieties of developers tools to make it the destination for app innovation.
Similarly, the funds will also be used to expand its trading ecosystem, and ensure developers’ access to Application Programming Interfaces(APIs).
Interestingly, in a bid to improve on its trading bots and ecosystem, 3Commas will also use part of the funds to hire a research and development team to develop new automated Decentralized Finance(DeFi) trading tools dubbed DeCommas.
Founded in 2017, the new fundraiser signals the 3Commas continued growth despite the harsh market conditions. The bot platform in its seed round back in November 2020 raised $3 million in the round that Sam Bankman-Fried’s Alameda Research also participated in.
Using 3Commas, users have access to the historical performance of different trading strategies and tools. The platform has the potential to onboard the next 100 million crypto traders as they can simply copy trades to make a profit.
Crypto startups secure funding
While the prolonged crypto has impacted the crypto space several crypto funds have managed to secure funds to improve their products offering and the ecosystem at large.
Recently, Messari, a crypto data, and analytics provider secured $35 million in its series B financing round. The platform plans to introduce new product offerings and also strengthen its team to expand internationally.
Also, Animoca Brands, a leading blockchain company and investments company completed strategic funding round raising $110 million in the process.
The firm planned to finance strategic acquisitions and develop new projects. It also intends to secure licenses and approvals for popular intellectual properties while promoting digital property rights for online users.