Tallinn-based automated crypto trading bot platform, 3Commas has picked up $37 million in a Series B round of funding. The round was led by Target Global, Alameda Research, Jump Capital, and Dmitry Tokarev, founder and CEO of Copper.
The new funds will be utilised to advance the platform’s machine learning and artificial intelligence trading bots, expand its trading ecosystem, and enhance developers’ access to Application Programming Interfaces (APIs) to create apps used by traders within the ecosystem. The startup had earlier raised $3 million in a seed round in November 2020.
The startup recently rolled out its subsidiary DeCommas to allow users easier access to trade automation in decentralised finance (DeFi).
Founded in 2017 by Yuriy Sorokin, Egor Razumovskii, and Mikhail Goryunov, the Estonian crypto investment platform aims to make trading crypto more accessible for users seeking profitability and financial freedom. It offers novice and experienced traders a complete suite of manual or fully automated bots and trading strategies, and risk and portfolio management solutions underpinned by a vast, low-latency cloud infrastructure. According to the startup, over 70 per cent of its users profit from closing deals through the platform each month.
Yuriy Sorokin, CEO and founder of 3Commas said: “3Commas was created to help people achieve financial freedom by expanding access to complex, crypto trading strategies through powerful trading bots. We are building technology that democratises access to the transformational benefits of crypto by relentlessly advancing our technology and offering a suite of developer tools to make 3Commas the destination for investment app innovation.”
Mike Lobanov, founder and partner at Target Global added: “3Commas has the potential to onboard the next 100 million users to crypto through their automated trading and portfolio management capabilities. By creating an ecosystem of tools that work both in CeFi and DeFi, 3Commas family of products provides unparalleled access to prosperity for the vast majority of crypto users.”