BitOrb Exchange Raises $6.4 Million
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The BitOrb Exchange has successfully secured its funding round, raising a total of USD 6.4m. The round was led by the W-Rex Algo Trading Platform a product of the Wota Group.
Additionally, the Wota Group will act as a strategic partner and help the BitOrb Exchange grow its network of traders, user acquisition and advise on other key strategic decisions.
THE STRATEGIC SYNERGY BETWEEN THE COMPANIES
BitOrb is an innovative cryptocurrency derivatives exchange that is built for all levels of traders. The exchange is built completely in memory allowing for micro-second latency for higher frequency trading.
The exchange also introduces a never seen before feature “The Orchestrator”, which is an inbuilt automated trading strategy maker allowing traders to create customized trading strategies using key trading indicators.
The Wota Group is a cryptocurrency fund that has been involved in programmatic trading of crypto currencies since 2017. W-Rex is the latest product of the Wota Group, which is a programmatic trading platform with impressive growth since January 2018. WREX 3-Layered Algorithm System “has never recorded a loss in a typical month from January 2018 when we completed our beta testing,” said Jeffrey Ong, the CEO and founder of the Wota Group and the W-rex Platform.
He added “BitOrb is an exciting project for us because of the synergies involved between our company and a cryptocurrency derivatives trading platform. BitOrb introduces an exchange which is fresh and I believe that they have the potential to be a top player in the crypto exchange space and they have the right team to achieve this. Hence we see this as a strategic partnership which will be extremely beneficial to both parties”
The BitOrb Exchange has been under development since July 2018 and the current test version of the exchange can be viewed beta.BitOrb.com. The BitOrb Exchange is due for release in December 2019.
The funds raised during this round will be used for user acquisition, enhancements to the product, ramping up of the operations, marketing and compliance with statutory requirements. BitOrb aims to be a fair and transparent exchange and will allocate a portion of the funds to ensure compliance with regulatory bodies in all of its jurisdictions where applicable.
Lim-Hoong Teng, the CEO of the BitOrb Exchange also added “When we began raising funds in late 2018, we knew it was going to be a very challenging environment to raise funds. However, although the cryptocurrency market was completely bearish, the team continued to develop the exchange. It took us many months to get the funding we needed and by having an investor onboard like the Wota Group, the future is brighter and the potential greater.”
He continued to say “Our traders and token holders are of the utmost importance to us at BitOrb. We are pleased to announce that this recent partnership with the Wota Group will propel us into the future.”
The current fundraising round will end in November, and those who missed out can still grab this opportunity www.BitOrb.com
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