Genesis
Algoo Strategies has grown to become one of the best options for crypto passive income for investors since its inception in 2020. Here, we dive into the beginning of Algoo strategies to understand where we have come from and the direction we are heading.
As Algoo Strategies's founders, we were there for the earliest days of crypto - before all the hype and mainstream attention. Back then, crypto trading required using multiple crypto platforms for safety, but there was no efficient way to monitor and manage all these digital assets. Algoo Strategies' Genesis story begins with Bitcoin and leads you along on our journey to creating the solution we once wanted as early crypto traders.
On Jan 3rd, 2009, the Bitcoin Network officially went live with founder Satoshi Nakamoto mining the genesis block, or Block number zero. Embedded in the block was the text:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
The note references both a timestamp of the date and what ended up being the first ever ‘blockchain burn’ referencing the day’s Times article: a dig on the underlying instability of traditional banking institutions - the same institutions that have controlled our money for as long as the modern state-backed monetary system has existed.
Almost a decade and over half a million mined blocks later, bitcoin has spurred a financial revolution Nakamoto (whoever that may be) might not recognize today: a multitude of different blockchains and thousands of coins – but also a true sense that cryptocurrencies are finally here to stay. And while the media storm focuses on crypto and financial transactions, the underlying blockchain tech enabling cryptocurrencies is only starting to make its way into other industries from healthcare to retail.
Nobody knows exactly how crypto and blockchain tech will play out, but there is a common analogy often referenced by leaders in the space. MySpace and Palm Pilots…remember those? Pundits at the time couldn’t begin to predict those humble beginnings evolving into the trillion-dollar industries of GAFA (Google, Apple, Facebook, Amazon), Uber, AirBnB, Spotify, etc. So while we’d just be speculating about the future along with the rest of the crypto community, one thing seems certain: this is only the beginning.
Consider that most of the hype that’s fueled today’s both sprawling and explosive cryptocurrency market growth has only taken place in the last year. Crypto’s total market cap at the start of 2017 was under $20B, ballooning to over $800B at its peak on the cusp of 2018, eventually reaching its current level of around $300B (and perhaps quite different again depending on when you’re reading this!).
Not surprisingly, this crypto rush brought a vast number of new entrants into the space – including technologists who believe in the true power of financial decentralization, every day retail investors, and institutional funds. Perhaps most importantly, it's brought a new wave of startups and entrepreneurs poised to play an important role in its evolution.
With such quick and unregulated expansion, startups have struggled to keep up with the industry’s soaring demand – including the existing and new exchanges that are popularizing the buying and selling of crypto assets. Not to mention new tech ecosystems and protocols being developed over competing blockchains, regulatory uncertainty, confusion about ICOs, and complex security measures. Add it all up and the result becomes pretty clear: a fragmented trading market with inconsistent experiences, data, and control.
This fragmented experience is something we are intimately familiar with, and what ultimately led to Algoo Strategies’ creation. And while the platform’s come to fruition in just the last year, one could say it’s been in the making for much longer.
Algoo Strategies' Beginnings
Back in 2013 after the successful sale of his forex venture, Algoo Strategies Co-CEO Markus Pettersson ventured into the world of blockchain and cryptocurrency – at the time defined by the now ubiquitous bitcoin. As an early adopter and believer in blockchain and digital currency's ability to upend the broken financial system he'd been a part of, he had a keen understanding of its growth potential.
Markus had a front-row seat to the show for years before its "breakout" in 2017 as a miner, hodler, and eventually one of the first traders on crypto exchanges around the world. And over the course of those years, he met like-minded technologists and traders who shared his passion, eventually forming the team behind Algoo Strategies.
So back to that fragmented trading experience I mentioned. As traders ourselves (as well as engineers, user experience designers, and innovation strategists), we knew there was a general frustration in the investment community with the limitations of various exchanges.
***There had to be a simpler way to monitor crypto assets and trade more efficiently. ***
There also had to be a better way to stay ahead of market volatility driven by uncertainty, fraudulent ICO's, and major players who seem to hold so much central control over assets whose core purpose for existence was decentralization.
It was those frustrations that formed the core of the problems we set out to solve with Algoo Strategies. We knew holding our assets across multiple exchanges and in our own hardware wallets was the safest way to trade, considering the numerous hacking and phishing attacks almost every exchange has experienced. We also knew that, by having coins on different exchanges, we had no way to efficiently execute trades across all of our holdings. Finally, we knew trading across multiple interfaces was often confusing for new traders.
Queue the lightbulb moment:
So that’s precisely what we did.
And as we started building, we began honing in on the best experience for active traders and crypto enthusiasts. Sure, there were outlets for noobs to dip their toes in crypto on one end, and for high frequency or algo-traders to leverage automated strategies on the other. But what did the rest of us need? Well, through plenty of research and community outreach, we believe we’ve built the answer:
A smart, intuitive, secure, and reliable platform to seamlessly trade any of your crypto assets across any exchanges with a single click – complimented by insight-driven visualization of your portfolio and market that puts complex technical analysis in reach of traders at any skill level.
And perhaps most exciting is that we’re only at the beginning. Over the course of the next several weeks and months we look forward to sharing more about our platform development, launch dates, general crypto news, trading education, and more.
Thanks for joining us on this journey as we prepare to bring you the best crypto trading experience out there!
Algoo Strategies is a digital asset management platform that provides automated trading and portfolio management solutions for both retail and institutional traders.The platform incorporates a comprehensive range of features designed to streamline the process of trading and investing in cryptocurrencies. These include a variety of trading bots that come pre-configured and customized to investors desires, advanced charting, and portfolio analytics.
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