CoinShares to Launch Algorithmic Trading Platform for Retail Traders

CoinShares is planning to launch an algorithmic trading platform for retail traders.

The European-based digital asset manager's new platform HAL will provide retail traders access to a range of algorithmic trading strategies for $20 per month.

HAL is a nod to both the early Bitcoin contributor Hal Finney as well as the artificial intelligence in Stanley Kubrick’s famous movie "2001: A Space Odyssey".

Long-term holders who want to achieve better risk-adjusted returns in volatile markets as well as those who want to be more active traders will benefit from HAL as the platform has been designed for such user types.

However, even though HAL can be overlaid with other crypto exchanges, traders cannot 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."

According to its latest quarterly report, CoinShares reported an $8.2 million adjusted EBITDA loss for Q2 2022, down year over year from $28.6 million. 

However, the digital asset management firm still saw a $105 million net inflow to its spot exchange-traded products over the year's first half.

According to Crunchbase, the offering this week follows the firm’s acquisition in December of French fintech Napoleon for $15.8 million.

Blockchain.News reported that Coinshares showed that outflows from cryptocurrency investment products reached $9.2 million ins early Sept, with the majority of inflows coming from short investment products.

Bitcoin (BTC) accounted for the lion’s share of these outflows with 11 million outflows, driving a 4-week streak of outflows throughout August.

However, declining Bitcoin short positions reached a record short inflow of $18 million, bringing total assets under management to an all-time high of $158 million.

Altcoins had small inflows, notably Solana and Avalanche, which each had a combined inflow of $500,000.