European based digital asset manager CoinShares is launching an algorithmic trading platform for retail traders.
Named HAL — a wink to both the early bitcoin contributor Hal Finney as well as the artificial intelligence in Stanley Kubrick’s "2001: A Space Odyssey" — the platform aims to give retail traders access to a range of algorithmic trading strategies for $20 per month.
The platform is designed for long-term crypto holders who want to achieve better risk adjusted returns in volatile markets as well as those who want to be more active traders. The platform can be overlaid with other crypto exchanges, but traders can't buy and sell cryptocurrencies with it.
“Crypto is an extraordinarily volatile asset class where a lot of consumers tend to get their hands burned. Sometimes it's because crypto is complicated, trades 24/7, and investors don’t always know what to do,” CoinShares CEO Jean-Marie Mognetti told Yahoo Finance.
“In a new, still-evolving ecosystem, we are very proud to be at the cutting edge of providing professional-level products with simple user experience to traders, enabling them to do much more with their crypto than simply hold."
It's become easier to facilitate algorithmic trading for retail investors as the costs of computing power have dropped in recent years, Ben McMillan, founder and chief investment officer of IDX Digital Assets, told Yahoo Finance.
“Not unlike the Nasdaq stocks during the dot-com boom and bust period, any time you have a high beta asset class there’s an opportunity to take a rules-based approach and frankly, make smarter decisions,” McMillan said.
Last quarter, CoinShares reported a $8.2 million adjusted EBITDA loss for Q2 2022, down year over year from $28.6 million, according to its latest quarterly report. The firm still saw $105 million net inflow to its spot exchange-traded products over the first half of the year.
The offering this week follows the firm’s acquisition in December of French fintech Napoleon for $15.8 million, according to Crunchbase.
David Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets. Follow him on Twitter at @DsHollers