League of Traders, a platform that tries to bring in a gamified experience to crypto trading, has announced that it has integrated with Coinbase, one of the largest crypto exchanges in the world.
League of Traders is a platform that helps crypto traders to link their portfolios to the platform so that they get ranked by their returns, risk and also participate in competitions as well. The platform can pull data from over 10 crypto exchanges including FTX, Binance, Bitmex, and others.
“This integration enables millions of crypto traders to participate in our leaderboards and competitions using their favorite crypto trading platform,” said John-Ting Li, CEO of League of Traders. “League of Traders is thrilled to welcome users of Coinbase onto the platform. We think they’ll find tremendous value in the visualized portfolio tools and the ability to peek behind the curtain into their rivals’ portfolios.”
Their integration with Coinbase is expected to bring in more users who would like to pit their skills against other crypto traders and see where they stand. Gamification of trading is something that has been attempted by many platforms before but not with much success. On the one hand, it is believed that trading is a serious business and not a game, and hence trying to gamify it would reduce the importance and sanctity of trading especially for those who trade for a living. Also, trading as such is difficult enough and those who can trade well would be happy that they have succeeded with that and they would not require any games or comparisons to prove that to themselves or others.
Gamification of trading has been hated by full time and bigger traders as they believe that it puts undue pressure on the traders to fit into the rules that are set by the platform rather than they being able to trade based on their own rules, which is what most traders should do and would prefer to do as well. This is one of the main reasons why many platforms that tried to gamify trading have failed over the past many years and it remains to be seen how different League of Traders would be and what it would do to help kill this notion.