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This Amsterdam-based startup raises $5.8M to decentralize exchanges

TabTraders
TabTraders

From 2021 to 2030, the global cryptocurrency market is expected to increase at a CAGR of 12.8 percent, from $1.49 billion in 2020 to $4.94 billion in 2030. The term “virtual currency” refers to cryptocurrency. It is a type of currency that solely exists in the digital realm and has no central issuing or regulatory authority. The transactions are authenticated using blockchain technology.

Each country in the European Union has its own cryptocurrency regulations. The majority of them have chosen a light-touch regulatory approach. In September of last year, the European Commission released draft laws titled “Markets in Crypto-Assets Regulation.” Cryptocurrencies will be treated as regulated financial instruments, according to the document. The proposal further stated that any entity holding, trading, offering brokerage services, or providing investment advice involving bitcoins will require prior clearance from regulators.

Users willing to bet on tokens that are a little more volatile are browsing around exchanges for offers while several of the top cryptocurrencies appear to be momentarily stabilising near all-time highs.

TabTrader, an Amsterdam-based startup, has cashed on this trend by creating a platform that aggregates prices and token availability from dozens of exchanges. While other systems allow users to compare token values across exchanges, most are designed for desktop use, whereas TabTrader has a strong mobile presence on iOS and Android.

The crypto trading startup TabTrader has raised a $5.8M Series A funding round led by BitMEX Ventures and it saw participation from Hashkey Capital, Spartan Capital, SGH Capital, SOSV, and Artesian Venture Partners. 

The funds will be used to expand the company’s 20-person workforce and focus on global expansion, including the aggregation of decentralised crypto exchanges, beginning with Serum, Raydium, and Orca, all of which are situated in Solana.

TabTrader comes with a cross-exchange price alert feature, which notifies users when a certain token has gone over or below a specified value,  and it is popular among users. While several exchanges have this feature built into their native apps, the dependability and customisability of these push alerts have been patchy.

BitMEX CEO Alexander Höptner stated, “TabTrader transforms the cryptocurrency trading experience by allowing traders to manage all of their exchange accounts from a single dashboard. We’re excited to assist TabTrader as they continue to empower their rapidly growing user base, as BitMEX and TabTrader have a similar aim of revolutionising the crypto space.”

“We started on mobile since our objective is to make investing accessible to everyone on the planet,” said Kirill Suslov, co-founder and CEO of TabTrader. “Future expansions will include a web-based version of the service, the integration of new decentralised exchanges, and the addition of asset classes including FX markets,” the company said in a press note.

Business Model

When customers make a purchase through the app, the startup uses a Kayak-like approach, aggregating token prices and collecting rebate fees from exchanges. While customers may easily make purchases through connected exchanges by entering their wallet information into the app, the company assures that TabTrader never gets access to user funds.

TabTrader also makes money via a $12 monthly membership for a paid version, along with advertising and rebates. 

TabTrader allows users to connect to numerous exchanges and make transactions from a single app, eliminating the need for several browser tabs or exchange apps. To monitor a portfolio, trade, or do chart analysis, the app supports over 34 exchanges (Binance, FTX, Huobi, Kraken, BitMEX, and others) with over 12,000 instruments.

Without any advertising, TabTrader claims to have garnered 400,000 active users. TabTrader is a mobile app that lets users trade Cryptocurrencies across different exchanges all in one place. Krill Suslov started the company, which is situated in Amsterdam.

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