ZURICH, SWITZERLAND / ACCESSWIRE / September 13, 2020 / Upbots, the online trading platform enabling traders to trade Crypto, DeFi, Forex, and commodities, has received a strategic investment from Alameda Research. This makes the Upbots institutional and private sales of around 1.1 million USD in token sale funding. Upbots believes that Alameda Research will bring invaluable expertise that will help build the Upbots trading ecosystem. Having already entered into partnerships with a host of platforms in the DeFi, DEX, and CEX space, Upbots is also actively pursuing DEX and DeFi protocols. These partnerships will enable traders on the platform to trade seamlessly on a host of exchanges.
What is Alameda Research?
Alameda Research is one of the premier trading houses in the crypto space, and their expertise will be critical in helping Upbots to scale up their trading ecosystem. The investment aims to combine DEX and CEX, forming a trading system that integrates various DeFi protocols supporting mortgage and lending, and seamlessly switches between manual and robot transactions.
More details on the IEO
Upbots has also announced that their IEO will be taking place on the FTX exchange on the 14th of September 2020. The capital that will be raised through the IEO will be used to facilitate the development of the platform, business expansion, day to day operations, partners, legal advice, and reserve. Traders will get access to 6% of the UBXT tokens, the remaining having already been sold via the institutional and private sales.
The tokens' distribution is as follows; a total of 500 million tokens, out of which 45% (225 million) have been allocated to the institutional and private sales and the upcoming IEO. Out of the 45% tokens allocated, 39% were sold at 0.01$ for 1 UBXT (22% institutional sale and 17% private sale). The remaining 6% will be made available during the upcoming FTX IEO sale. The 22% institutional sale has been completely sold out while the 17% allocated for the private sale has also been sold out.
The remainder of the tokens have been allocated in the following way -
- 25% allocated as reserve holdings
- 14% allocated to the UBXT development fund
- 10% allocated to the team
- 5% allocated to the advisors
- 1% allocated to Bug Bounty
What does the UBXT token do?
The UBXT token will be used to process all transactions on the Upbots platform. The UBXT token represents an ERC-20 token that has several use cases.
- Means of payment - The token can be leveraged to pay for user training, subscriptions, and other purchasable services.
- Copy Trading and Bot performance - Traders on the platform can mirror profitable transactions and rent bots to trade 24/7. The bot developers can get commissions.
- HODL-ing - Incentives like free trading tools, higher referral bonuses, free membership are given to traders to hold their UBXT tokens.
- Referral program - Traders who refer Upbots and bring new traders to the platform can claim a referral fee that can be paid through UBXT.
Bringing together services that were available only on standalone platforms, Upbots is lowering the threshold for new traders who are just starting out in cryptocurrency and Forex trading. The platform offers an advanced interface with a single point of control for experienced traders. By bringing together an easy to use interface along with the tools for effective portfolio management, Upbots hopes to become the preferred platform for both beginner and experienced traders.
The platform is feature-packed, giving you secure access through APIs to the largest exchanges, allowing traders to trade without worry. Upbots will also be integrating with exchanges that have significant liquidity, having announced that OKEx and ByBit will be added onto the platform along with BitMEX, Bittrex, CoinbasePro, Kraken, and Binance. A partnership with DEX.AG, an aggregator for decentralized exchanges, has also been announced. This partnership enables the Upbots dashboard to give traders instant access to atomic token swaps on exchanges supported by DEX.AG. Add to this, Upbots learning platform that enables traders to learn and improve their skills and a library of resources for the more seasoned trader, the platform has given traders all the tools needed to be successful.