Binance strengthens partnership with algo trading app Hummingbot to grow liquidity mining
Hummingbot, an open-source crypto trading software client that allows users to trade cryptocurrency with high-frequency trading strategies such as market-making and arbitrage, today announced it has strengthened its partnership with cryptocurrency exchange Binance.
The Hummingbot team will work with Binance on two strategic initiatives: First, to bring new algo traders to Binance using Hummingbot; and second, to expand liquidity mining with an issuer referral program.
Binance will be contributing a portion of the trading fees generated from new Binance users trading with Hummingbot to help further develop the Hummingbot platform and community. In addition, Binance will be working with the Hummingbot team to support liquidity mining by referring token issuers who want to support liquidity for their token to run liquidity mining campaigns.
“To turbocharge the growth, we are working closely with Binance to expand the usage of Hummingbot on the exchange as well as participation in liquidity mining. Hummingbot provides all users easy-to-use infrastructure for automated trading of their favorite tokens on Binance. We believe that working with Binance will allow us to combine the strengths of both Binance’s state-of-the-art platform and our innovative high frequency trading infrastructure.”
– The Hummingbot team
Earlier this month, Hummingbot launched the inaugural liquidity mining campaigns, a series of community-driven liquidity programs for four token projects listed on Binance. Within the first two weeks, 155 individual traders participated in the campaigns, earning as much as $200 in weekly rewards and generating over $7 million of filled order volume in total.
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