Bitcoin Trading Platform Coinigy Raises $400k

Coinigy has raised $400,000 in seed funding to develop an updated version of its bitcoin trading platform.

The funding comes more than a year after the US-based startup raised $100,000 to offer traders real-time charts, news feeds and technical indicators. According to the startup, the new funds come from a single undisclosed angel investor.

The capital will be used to hire additional developers as part of what Coinigy business development lead Derek Urben called the push toward the "2.0" version of the platform.

Urben told CoinDesk:

"I guess the biggest problem we have, which is a really good problem to have, is that we just quite literally don’t have enough hands to type up the code and enough bodies to do all this work."

Currently, Coinigy’s platform lets users trade digital currencies across multiple platforms, gathering price data from a range of bitcoin and other digital currency services. The plan now is to develop a more comprehensive resource for data and trading capability, while attracting smaller institutional investors.

Urben said that the startup is hoping to grow its subscription-based membership model, and is also looking to attract traders outside of major financial hubs like New York and London.

Trading image via Shutterstock