Bitbot has announced the first major product update, a milestone that brings the new project one step closer to its highly anticipated launch. The announcement coincides with Bitcoin’s spectacular performance this week – BTC rallied above $52,000, reclaiming the $1 trillion market cap.

Does the product update and current market outlook say anything about Bitbot (BITBOT) as a potential investment opportunity? The project’s ongoing presale is currently in stage 3.

In crypto, whoever has access to and control of an asset’s private keys has custody to those assets. That’s why the advice remains “not your keys, not your crypto.” Self-custody ensures crypto holders own their private keys and have control over their wallets and assets – not a third-party player or centralized exchange (CEX).

Current trading bots on Telegram do not offer this feature, and recent exploits and incidents at some top bots has spotlighted this fact further.

With ease of dApp connection and integration with cold wallets is what Bitbot brings to the market. You don’t trust CEXs after the FTX debacle and many other incidents across the trading space?

Bitbot is the world’s first self-custodial Telegram trading bot, and there’s palpable excitement around its upcoming launch. While the presale that introduced its native utility token BITBOT is flying amid investor confidence in the project, the Bitbot team has added to that with their first development update.

“Developers have deployed KnightSafe, a self-custody wallet solution that enables the use of dApps while safeguarding user assets,” Bitbot wrote in a Medium post on Thursday.

By implementing the self-custodial architecture, Bitbot has achieved one of the key features that sets it apart Telegram trading bots like Unibot or Banana Gun. What these apps lack is what Bitbot seeks to bring to the trading community – maximum security for users.

The KnightSafe technology allows for a wallet management system that ensures self-custody trading for users, while keeping transactions simple. The bot handles on-chain trades via the Telegram interface.

For simple ones like market orders, the bot sends them to decentralized exchanges (DEXs) via KnightSafe, while complex orders that include limit orders or snipes go to an order pool. The latter means the bot has to call CEXs, DEXs, and oracles. It takes note of events and price movements, triggering orders as set conditions are met. The completed trades reflect in the user’s wallet.

Crypto is gearing up for the biggest event in the industry this calendar year – the Bitcoin halving. A countdown to this moment of BTC history is now down to just two months.

Understandably, sentiment is extremely upbeat, with the Fear & Greed index showing greed is taking over as spot Bitcoin ETFs provide a fresh tailwind. In the market, Bitcoin has flexed its muscles ahead of the trend-defining moment, surging to above $52,000 for the first time in over two years.

Bitbot’s launch is timed to coincide with the reward halving, with the presale likely to accelerate as the trader community takes an aggressive approach to smart positioning. The product update, if anything, points to the solid project that Bitbot is – a non-custodial trading bot built to give the retail trader the security and tools they need to realize their trading goals.

Learn more about Bitbot by visiting their website.

The post Bitbot: First milestone as devs deploy self-custody architecture appeared first on Invezz

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