Wootrade is proud to confirm we have concluded our private investment round after receiving an equity investment from leading cross-border blockchain investment firm, Dragonfly Capital. As reported by Cointelegraph, the project raised $10 million altogether, and comes following previous statements that the company has received financial support from other top institutions including Hashkey Capital, SNZ, Three Arrows Capital, and Fenbushi Capital.
Dragonfly Capital conducted detailed due diligence and gathered actual product performance analytics, as well as reviews from our exchanges and institutional clients, prior to making the investment.
“Wootrade has innovated the microstructure of the cryptocurrency markets and has overcome the pain points with regards to market liquidity. The invaluable expertise of the founding team from their experience at quantitative trading firms in Chicago will effectively bring the cryptocurrency trading industry to new heights. We’re really pleased to support them.” said Mia Deng, Partner of Dragonfly Capital.
Hong Kong-based leading FinTech group and blockchain research institution, Hashkey Capital, as well as cryptocurrency fund, SNZ Holding, both invested in Wootrade during our infancy in 2019. At that time, Kronos Research had just broken into the cryptocurrency space with an initial conceptual product. The professional background of the two founders, Mark Pimentel and Jack Tan, drew the attention of investors. Both founders are graduates from Carnegie Mellon University. Pimentel previously worked for Knight Capital, the world’s top quantitative trading firm at the time, and managed the largest private securities exchange in the United States, while Jack worked at BNP Paribas and Deutsche Bank with more than 20 years of accumulated experience in sales and trading.
“Over the past year, the team has achieved impressive results, and the fourth quarter is going to become even more exciting. Wootrade plans to issue its native WOO token and launch a leveraged trading product. We expect the platform to have exponential growth of trading volume for the rest of the year,” said Ran Yi, the Chief Operating Officer of Wootrade, who is in charge of global market expansion.
Wootrade will use the investment to continue building up their growing team and expanding the platform. Wootrade is already providing service to more than ten exchanges and institutional clients, providing better trading depth in a more cost-effective manner to their 65,000 end-users.