WOO X has successfully onboarded Wintermute, an algorithmic trading firm and liquidity provider in the digital assets realm. Wintermute, boasting $3.6 trillion in cumulative trading volumes, has joined forces with WOO X to enhance liquidity and market efficiency, serving as a designated liquidity provider.
Strategic Transformation: Collaboration with Top Liquidity Providers
This strategic move marks a step in the proactive transformation of WOO X's business model, which includes the incorporation of top-tier liquidity providers. Wintermute, headquartered in London and Singapore, aligns seamlessly with this initiative.
Jack Tan, Co-Founder of WOO, expressed satisfaction with the partnership, citing Wintermute's impressive track record and reputation over the years. Tan emphasized the alignment of values, particularly in the areas of technical aptitude and innovation related to decentralization of infrastructure and governance, which are core elements of WOO's mission.
"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, the CEO and Co-Founder of Wintermute.
Since August, WOO X has actively pursued the onboarding of leading market makers, introducing sustainable and competitive market maker incentives to reduce dependence on any single liquidity provider. Originally launching in 2019 with a single market maker model, designated market makers now contribute liquidity for 60% to 70% of futures volumes.
In addition to Wintermute, other notable liquidity providers, such as Selini Capital and Black Code Group, are now supporting WOO X. Selini Capital, known for consistently contributing 15 to 25% of all maker volume on perpetuals, showcases notable 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.”
We're excited to announce our partnership with @wintermute_t to further increase and diversify liquidity on WOO Xhttps://t.co/YQgyvGLNEE
— WOO X (@_WOO_X) December 12, 2023
WOO X and Wintermute: A Relationship in the Crypto Realm
Wintermute, a global algorithmic trading firm with billions in average daily trading volume, engages in OTC trading and provides liquidity across 60+ centralized and decentralized exchanges. The firm actively participates in the ecosystem, investing in early-stage Web3 projects and supporting traditional financial institutions venturing into crypto.
WOO Network democratizes access to top-tier liquidity and trading execution while maintaining competitive costs. The network is comprised of two platforms: WOO X and WOOFi, the latter being a top 15 DEX by 24-hour volume. The native token, $WOO, offers holders a unique position to engage and maximize benefits in both the DeFi and CeFi ecosystems. The team of 170 employees operates from 12 cities across eight countries in Europe and Asia.
