Coinigy has raised $100,000 in private seed funding to expand its suite of bitcoin and cryptocurrency trading tools.
Launched by former hobbyist traders William Kale and Rob Borden, the US-based company allows users to aggregate pricing data at 24 bitcoin exchanges through a central interface that includes real-time charting and technical analysis features.
In addition to popular bitcoin exchanges such as Bitfinex and Coinbase, the platform also supports exchanges that trade more than 100 altcoins.
Kale explained that Coinigy is designed to help traders better respond to changing market conditions, thereby allowing them to trade more effectively.
Kale told CoinDesk:
“It’s definitely a benefit to traders in terms of increasing their profitability. We offer special order types that most exchanges don’t offer like trailing stops and stop losses, so those things can definitely help preserve profit.”
Borden added that Coinigy will be looking to use the funds, in part, to complete the development of Android and iOS apps that he estimated will be out within months.
“We definitely have in our plans in the near future to branch out. We’re vetting translators at the moment,” he added.
Coinigy is currently available in English and for desktops only.
Coinigy’s co-founders discussed a range of features planned for the platform, including those available and soon-to-be released.
For instance, Coinigy now offers stop limits orders, and plans to introduce stop-loss orders and trailing stops that would be available on all its supported exchanges.
To access the service, users first need to supply Coinigy with their public and private API keys. “That gives them the ability to control the access of the site through our account, and at any time, they can disallow that access,” Borden added.
Coinigy does not hold any customer funds or keys, nor does it interrupt or bypass the anti-money laundering (AML) or know-your-customer (KYC) protections of the exchanges it supports.
Further, the founders sought to stress that they won’t be trading through the service owing to the conflict of interest that would arise.
“We want to make it clear we’re not trading for profit on any of these exchanges as we are privy to user information,” Kale added.
As with most entrepreneurs, Kale was quick to point out the limitations of similar services currently available on the market.
The co-founder cited CrypTrader, Cryptowatch and Bitcoin Wisdom as similar projects that also provide real-time charting, news feeds and technical indicators, though he suggested they are limited in terms of the functionality they provide.
TradeBlock, the data provider backed by Andreessen Horowitz, he suggested, is too focused on enterprise customers, leaving a gap Coinigy intends to exploit.
“TradeBlock could be considered a competitor, but they’re mostly focused on institutional traders. We’re catering to both institutional and average investors,” he said.
Coinigy intends to monetize its product through subscriptions to its platform.
Images via Coinigy