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- Enboto Labs has raised $3 million in a round backed by Cronos Ventures, Mechanism Capital, Cherry Crypto and others.
- The company also announced the launch of its institutional-grade non-custodial trading platform.
- The Web3 startup will use the funds to expand trading features on the platform.
nBotto Labs has closed a $3 million funding round from Cronos Ventures, Cherry Crypto, Mechanism Capital, XBTO, and Matrixport. Hong Kong-based Web3 startup also announced the launch of its non-custodial trading platform.
According to the company’s website, Nbotto offers a suite of algorithmic trading tools, including time-weighted average price (TWAP), volume-weighted average price (VWAP), and Iceberg, which traders can use to execute a variety of instruments on different platforms. Can for, including crypto exchanges and blockchain marketplaces.
The fundraise follows $1.9 million last year, which valued the company at $35 million. nBoto has been in beta testing for the past 18 months, during which it has recorded $4 billion of transaction volume across 20 exchanges and blockchain networks.
Commenting on the announcement, Guillaume Fourcade, co-founder of nBoto, told The Block: “We have been generating revenue since day one and today we are excited to introduce our execution platform to a broader audience of experienced traders. . With the public launch of our platform, nboto can now support thousands of traders simultaneously.”
Nbotto plans to use the capital to strengthen its platform with new trading features, including non-custodial prime services, as part of its strategy to “democratize access to institutional-grade execution tools for all crypto traders.” Have planned.
The company has adopted multi-factor authentication that enables users to sign up and verify their accounts without a Know Your Customer (KYC) process.
Other digital asset investment firms backing nBoto include Sino Global Capital, Paramount Capital, MGNR, Manifold, Ascendex, Matrixport, Gate Ventures, and Entalfa.
The fundraising comes at a time when Web3 searches are declining amid the crypto winter. According to TechCrunch, funding for Web3 startups fell for the seventh consecutive quarter in the third quarter of 2023.
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