New Trading Bot set to Tackle Crypto Challenges in MENA
A fully-automated, algorithmic, Bitcoin-trading bot that was developed in Jordan aims to revolutionize the way people generate wealth from cryptocurrency, according to its creator.
As CEO Ahmad Alsharqatli told Arab News, “AYMBot was designed to tackle the main issues and challenges associated with Bitcoin and cryptocurrency trading, including volatility and accessibility.”
“The problem with crypto, that people don’t realize, is that crypto assets, blockchain, this industry is still in its infancy; it’s only 12 years old,” he said.
As Arab News mentioned, “Bitcoin has become the best-performing asset class of the decade but is hard to get into, it trades 24 hours a day, seven days a week, 365 days a year, and is extremely volatile.”
Other issues that crypto investors face include how to get started in trading and convert traditional currencies into crypto, he added. AYMBot offers a “turnkey solution” and is leading the market with its onboarding process, according to Alsharqatli, who was ranked by online magazine Entrepreneurs Herald in its 2022 list of the Top 5 Personalities Disrupting the Finance Industry
AYMBot’s AI-powered solution aims to bridge the gap between traditional (or legacy) finance, crypto-assets and blockchain-enabled applications, allowing anyone to access the potential for Bitcoin returns while limiting the risk of systematic losses.
Alsharqatli began developing his algorithm in 2017 to help him trade with his own funds because of the issues with cryptocurrency he found himself facing. He worked with local and international developers but to no avail until, in January 2020, he began collaborating with Naje Isleem, who is now his chief technology officer. Exactly a year later, their algorithm was up and running.
Alsharqatli asked people in his social network to help with beta testing and received a positive response, with around 250 people eager to take part.