Cryptocurrency exchange KuCoin partners with fintech startup Coinrule to provide its investors with an automated crypto trading platform.
According to a joint statement, KuCoin traders can now trade crypto futures, spot, margin, options, perpetual swaps, and other products available on its platform through the Coinrule API. To this end, Coinrule integrates spot market data from KuCoin, allowing users to trade current crypto assets and other products to be supported in the future.
KuCoin, which reportedly has over 18 million users in 200 countries, is the world’s fifth-largest crypto exchange by trading volume, competing with Coinbase, Binance and Kraken.
The new product encompasses KuCoin’s trading infrastructure and order management system, including its Trading Bot service which was launched in 2021. The tool supports 5 trading strategies, allowing users to earn income liabilities without monitoring the market.
The collaboration comes at a time when automated trading has permeated the market to a higher degree. The partnership will help support current auto bot traders, enticing them to switch to relevant KuCoin services, which already allow users to use a wide range of strategy building tools at their disposal.
Founded in 2018, Coinrule enables cryptocurrency traders to automate their investments across multiple platforms. They can create and test automated trading strategies to benefit from market opportunities and also to protect against adverse events. Its unique advantage among other providers in the market is that it allows them to benefit from algorithmic trading without having to learn a single line of code.
KuCoin’s valuation climbs to $10 billion
According to its own statistics, Coinrule has grown rapidly over the past two years and now has nearly 20,000 users trading assets worth $100 million every month.
KuCoin CEO, Johnny Lyu said, “As ‘People’s Exchange’, KuCoin is committed to providing easy-to-use trading tools for users to achieve mass adoption of crypto. And the partnership with Coinrule is a big step in this direction.
Gabriele Musella, CEO and Founder of Coinrule added: “We at Coinrule are delighted to have KuCoin joining our onboarding program. Our users are eager to trade on KuCoin and explore all the markets it offers.
KuCoin’s new offering comes during a tough time for the cryptocurrency industry. After a meteor wave that pushed all coins to all-time highs in late 2021, digital tokens have fallen due to various economic and regulatory factors.
The service’s expansion also comes just a month after KuCoin raised $150 million in a pre-Series B funding round, valuing the company at $10 billion. It was the first investment in KuCoin since the four-year-old platform attracted $20 million in 2018 at a valuation of $100 million.
KuCoin, established in September 2017, is one of the most popular cryptocurrency exchanges, having processed nearly $1 billion in cryptocurrency transactions in the past 24 hours, according to Coinmarketcap.com.