Quantitative trading firm Alameda Research has announced a $3 million investment in Estonian crypto startup 3Commas.
3Commas Technologies OU was founded in Tallinn, Estonia in 2017. It is one of the leading non-custodial trade automation platforms in crypto, and it has over 100,000 users on major crypto exchanges with aggregate trading volumes of around $12 billion in 2020.
As for Alameda Research, which was also founded in 2017, it is a full-service crypto trading firm, and currently “manages over $300 million in digital assets and trades $1.5 billion per day across thousands of products.”
According to the press release by 3Commas, it is “thrilled to announce its successful raise of $3M in a Series A financing round led by Alameda Research.”
3Commas’ Founder and CEO Yuriy Sorokin had this to say:
“We are delighted and equally humbled by the confidence placed in our team by our investors. 3Commas was built on our fundamental belief in financial inclusion and affordable access to the best trading and risk management technologies for all. This round validates our strategy and lays the groundwork for further expansion, innovation and global reach.”
The new investment round will “enable 3Commas to further capitalize on its position as a leader in digital asset trade automation and portfolio management technologies and accelerate the execution of an ambitious roadmap that includes innovative new products, integration with DeFi, and newer asset classes.”
Sam Bankman-Fried, Founder and CEO of Alameda Research and FTX Exchange, stated:
“We welcome 3Commas to our growing portfolio of strategic investments. We’re very excited to work closely with the 3Commas team. We are perfectly aligned in our mission to increase crypto adoption and offer an amazing experience utilizing 3Commas technology.”
Alameda’s most recent investment follows on a wave of market activity throughout 2020. Earlier in the year, the quant firm backed Dune Analytics, Perpetual Protocol and the DeFi derivatives platform Opium.
Speaking with CoinDesk, 3Commas CEO Yuriy Sorokin said the company had fielded offers from “bigger names” in the space, but ultimately settled on Alameda due to the straight-forward nature of Bankman-Fried.
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