Bloomberg interviews BitUniverse: Pionex trading bots target pain points in cryptocurrency trading

Bloomberg reported on September 28th in an article titled "Crypto Broker Sees Users Drawn to Bots to Beat Volatile Trading" introducing BitUniverse and its quantitative trading bot product under Pionex exchange, which has successfully attracted many users.

What is BitUniverse?

BitUniverse, founded in 2018, received nearly $10 million in funding from Chinese venture capital firms Sequoia Capital, ZhenFund, and IDG Capital, with an estimated valuation of $50 million. Its founder, Chen Yong, is also a co-founder of Cheetah Mobile and entered the cryptocurrency industry in 2017. BitUniverse provides cryptocurrency brokerage services, while the exchange Pionex was established the following year.

Pionex's Trading Robots Become a Weapon

The cryptocurrency market operates 24/7, causing many investors to be overwhelmed, lacking discipline and falling prey to rumors, often ending up buying high and selling low.

Pionex's quantitative trading robot product addresses a major pain point for users. We have also seen its popularity in Taiwan's cryptocurrency investment community. Chen Yong stated in an interview with Bloomberg, "Trading robots help users overcome human emotions and become rational investors." However, he also emphasized that this does not guarantee users will make money, but at least they will lose less.

It is reported that BitUniverse's current users are spread across China, Europe, and the United States, generating a monthly revenue of $3 million through a 0.05% transaction fee. Pionex has become the main source of income, with 80% of orders being executed through Binance and Huobi.

Cryptocurrency Trading Bots Are Gaining Popularity

The cryptocurrency market often experiences significant fluctuations, making real-time trading and price points crucial. Trading bots can be set up with specific trading strategies to monitor the market and execute trades at the right time. Due to these reasons, the non-stop cryptocurrency market has become the ideal scenario for trading bots.

According to the cryptocurrency data firm Dapp.com's list of the top 8 trading bots in 2020, Pionex was selected for offering various trading strategies, including grid trading, leveraged grid, margin grid, unlimited grid, reverse, leveraged reverse grid, and lending grid. BitUniverse was also selected for allowing users to connect accounts from major exchanges and engage in grid trading.