Tie-up initially focused on perpetual swaps, later on spot markets and DeFi
WOO X has onboarded Wintermute, a leading algorithmic trading firm and liquidity provider in digital assets that boasts over $3.6 trillion in cumulative trading volumes, to enhance liquidity and market efficiency on WOO X as a designated liquidity provider.
The latest development is part of a proactive and transparent effort to reshape the WOO X business model that includes onboarding of top-tier liquidity providers. The London and Singapore-based liquidity provider seamlessly aligns with this objective.
In a statement, WOO Co-founder Jack Tan said that the deal came after years of observing the trading firm uphold a strong track record and reputation.
“In addition to being well-known for their technical aptitude, Wintermute has always impressed with their pursuit of innovation as it relates to decentralization of infrastructure and governance. These two areas are core to our mission at WOO, so naturally, we believe that our synergy can create a positive environment for both businesses and communities.”
"Wintermute's commitment to creating efficient and liquid markets in digital assets aligns with WOO X's focus on superior execution and advanced trading features. Our expertise in providing robust liquidity complements this collaboration grounded in our shared commitment to transparency, which is critical to building trust in centralized crypto trading products," said Evgeny Gaevoy, CEO and co-founder of Wintermute"
Since August this year, WOO X has been actively onboarding more industry-leading market makers and introducing sustainable and competitive market maker incentives, in a bid to eliminate dependence on any single liquidity provider. While the platform originally launched in 2019 with a single market maker model, designated market makers now provide liquidity for 60%-70% of futures volumes.
Aside from Wintermute, other leading liquidity providers, including Selini Capital are now supporting WOO X. Selini Capital has consistently contributed 15-25% of all maker volume on perps, showcasing their remarkable trading capabilities.
“Transparency and reducing counterparty risk are the utmost priorities for WOO X,” Tan noted. “We as users are inherently distrustful of centralized financial systems, and the only way to inspire confidence is to work with partners who share our principles and integrity.”
Wintermute is a leading global algorithmic trading firm and one of the largest players in digital asset markets. With billions in average daily trading volume, Wintermute offers OTC trading and provides liquidity across 60+ centralized and decentralized exchanges. Wintermute is an active player in the ecosystem, invests in early-stage Web3 projects, and supports traditional financial institutions moving into crypto.
For additional information on Wintermute, visit: https://www.wintermute.com/
WOO Network democratizes access to top-tier liquidity and exceptional trading execution while keeping costs competitive. We take pride in our two platforms WOO X, a pioneering crypto exchange dedicated to transparency and trustworthiness, and WOOFi, a top 15 DEX by 24-hour volume. Our native token, $WOO offers token holders a unique position to participate, engage, and maximize the benefits of both the DeFi and CeFi ecosystem. Our team of highly-selected 170 employees works from 12 cities across eight countries in Europe and Asia 🚀
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