Liquidity mining and automated trading service Hummingbot.io raised $8 million in a series A round led by Initialized Capital, Crypto Investor has learned.

CEO and founder Michael Feng said the series A is especially validating, considering the pandemic nearly killed his project a year ago. Hummingbot had initially tried to raise a series A in March 2020, as the world began shutting down (and wallets began closing up) due to COVID-19.

Hummingbot.io altered its timeline and built a platform for its service. The gamble worked.

“We were completely falling on our faces,” he said. “This platform was like the last shot we had as a company. And you know, amazingly enough, it actually worked. I think it actually was because of the pandemic. People have more time on their hands and had more time to play around with software like ours.”

Hummingbot.io provides liquidity mining and automated trading services typically only available in the Fiat space to larger hedge funds. 

Liquidity mining, or yield farming, occurs when a liquidity provider receives tokens in addition to commission for facilitating trades.  

To date, It has cleared nearly $1.8 billion in transactions since launch.

Venture Capital groups that participated in the round include:
* Slow Ventures, Arrington XRP Capital, Borderless Capital, Three Arrows Capital, Terraform Lab, AscendEX, Ava Labs, NEM Trading and Altonomy.

Feng said the boom in NFTs has acted as a catalyst for abundant crypto investment in recent months. He likened it to the internet boom, when some of the most powerful companies today, like Amazon and Google, were formed. 

"But I think what you also deal with that is the flip side," he said. "Which is you get people with great intentions, but because they can raise like $20 million from some white paper, again, now they are. And a lot of those situations are going to turn out badly. I feel like that's really the history of progress."

 

Liquidity mining and automated trading service Hummingbot.io raised $8 million in a series A round led by Initialized Capital, Crypto Investor has learned.

CEO and founder Michael Feng said the series A is especially validating, considering the pandemic nearly killed his project a year ago. Hummingbot had initially tried to raise a series A in March 2020, as the world began shutting down (and wallets began closing up) due to COVID-19.

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