Non-custodial Telegram trading bot, Bitbot, raises $300k in 72 hours
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New York, USA, Jan. 24, 2024, Chainwire
Within 72 hours of its presale launch on Jan. 17 , Bitbot raised $300,000. Bitbot aims to lead the market for Telegram trading bots, a rapidly growing segment of the trading app market that has seen a considerable $7 billion in lifetime trading volume.
Telegram trading bots let traders manage a cryptocurrency trading portfolio within Telegram’s app.
In practice, this means those investors with heavy telegram usage, which of the 800 million active Telegram users is substantial, no longer need to operate across two applications to manage their trades: an exchange and the Telegram app.
Furthermore, Telegram trading bots offer all of the automated trading features seen in exchange apps, bringing the best of two worlds together into one seamless package.
Bitbot’s technical product advisor, Andrew Jacobs, commented:
“As we experience a pivotal point in Web3’s evolution, I’m happy to announce Bitbot’s launch. Our mission is to equip retail traders with powerful institution-grade tools in a simple and intuitive trading interface that is backed by robust security. We have a great team and I am looking forward to driving the product’s evolution and meeting the Bitbot community on our regular AMAs, which will be announced on our social channels throughout the presale.”
The Bitbot team is looking to act quickly with a comparatively small $4.3 million raise target, predicting a rapid presale, with prices starting at $0.0100 and ending at $0.0200.
An additional incentive is the proposition that Bitbot token holders will receive 50% of the company’s profits distributed as a percentage of their holdings once it launches this year.
Bitbot’s push for mass market adoption
Telegram trading bots enhance convenience by enabling users to execute the entire trading process within Telegram, bypassing the frequently convoluted user experience associated with exchanges.
Whilst trading volumes on Telegram trading bots have been impressive, there is still a majority share left in the pie currently dominated by traditional cryptocurrency exchanges.
Even Bitspay, consistently ranked among the top 70 exchanges on CMC, has a volume similar to that of all the Telegram trading bots combined.
The sheer scale of the opportunity becomes evident in terms of market share. This kind of potential that’s driving the product and development team and Bitbot to deliver a product suitable for mass adoption.
This is arguably one of the issues with Bitbot’s competitors.
Telegram trading bots can be stubbornly complex, with many relying on user commands to operate them. Furthermore, a number of security issues have plagued even the biggest players in the market, leaving a sour taste for some but a potentially very sweet upside for the Bitbot brand.
Bitbot takes both of these issues head-on.
Firstly, it gets rid of the need for complex commands by offering an intuitive in-app interface that will be immediately recognizable to exchange users.
Secondly, it offers non-custodial trading, meaning users can integrate Bitbot with their cold wallets and eliminate the uncomfortable need to give up their private keys for the bot’s automated trading features to kick in.
This is supported by the brand’s partnership with secure custody technology developer, Knightsafe.
This solution is a special offering in the Telegram trading bot market, a unique approach focusing on institutional-grade asset security.
The bot offers a myriad of advanced features that will appeal to both beginner and advanced traders, from copy trading to automated sniping.
Tokenomics and presale roadmap
As per the project’s whitepaper, the Bitbot presale will run through Q1 2024 and see the project list on exchanges in Q2 2024 –unless the presale sells out early.
Allocation details include 30% reserved for the presale, 20% for the development team, 14% earmarked for marketing, 3% for liquidity, 2.3% available to the community (comprising rewards and airdrops), and 10% allocated to a treasury.
The 20% designated for the development team will undergo a 1-year vesting period, ensuring long-term commitment from the team.
Bitbot’s crypto journey
Unibot and Banana Gun, competing trading bots, swiftly gained prominence, with Unibot’s token price passing $230 in just three months of launch.
Investors in Unibot’s presale reportedly saw gains of around 200x.
Bitbot hopes to follow in their footsteps and its raise has been aided by its community, which rapidly grew over 90K followers on X and over 5,100 members on its Telegram within a week of the presale’s announcement.
The project is now already in stage 2, with the token selling for $0.011. In stage 3, prices will increase by 5%.
Bitbot hopes to attract presale investors on the heels of the recent Bitcoin ETF acceptance and increased crypto trading activity.
About Bitbot
Bitbot is a new Telegram trading bot that aims to put institutional-grade trading tools in the hands of retail users, to enable them to trade using a variety of advanced features including sniping and copy trading.
Audited by Solid Proof, Bitbot focuses on security and follows the motto, “your keys, your assets.”
To this end the project has partnered with Knightsafe to deliver the world’s first non-custodial telegram trading bot, mitigating against counterparty risk and reinforcing this with anti-MEV and anti-rug technology.
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