On Wednesday evening, Wootrade CEO and Co-Founder Jack Tan dropped in for an AMA visit with Wolf Crypto. This was Jack’s first public appearance of what is certain to be a busy October, leading up to the presale for the WOO token. Read along to find out what important insights Jack shared with the group of cryptocurrency investors and enthusiasts.
1. Jack has been trading for a long, long, time.
The CEO revealed he started trading when he was just 14 years old, before graduating from Carnegie Mellon University and then going on to work at BNP Paribas and Deutsche Bank for more than a decade.
2. Jack’s first company trades over $30 Billion a month.
As a leading quantitative trading firm, Kronos Research is responsible for a sizable amount of liquidity. He even shared a quick screenshot of 30-day trading volume from one of their Binance accounts, in case anyone wanted to see what a real whale looks like.
3. Wootrade’s B2B customers get real results.
A peak at the order books from Hoo.com shows what happens when Wootrade gets integrated on the backend. Order book spreads drop to a few cents, meaning that traders can instantly get the fairest market price and the best possible user experience.
4. Wootrade removes the need for professional market makers
Traditionally, exchanges have relied on market makers to tighten spreads by placing open bids close to the market price. This gave organic users liquidity to trade with. This came with a big cost: Professional market makers are costly, and they can manipulate prices, posing a risk for exchanges and users. Wootrade’s liquidity eliminates the need for this, reducing costs and potential headaches for the exchange.
“If you are an exchange, would you try gamble your fate on market-makers you choose and pay them a hefty fee OR join the Wootrade network get zero fee trading and proven liquidity on day one and then get paid to trade there?
The choice is pretty simple!”
5. WOO Token unlocks will be offset by buyback
The WOO token has an important role to play as a means to incentivize improved liquidity and flow. Jack had the following to say on how the tokenomics were described in the litepaper:
“We will be buying back tokens to decrease circulating supply much like how BNB buybacks are done. If you look on the token page of our website, as supply increases from unlocking of tokens, we’ll be working to decrease the supply via buybacks to keep a more even market.”
To read the full transcript, head on over to Wolf Crypto’s Medium. Special thanks to Winston Wolfe for the high-quality questions and GIFs that he shared throughout the session.