Woo X Joins Hands with Wintermute to Bolster Liquidity and Strengthen Institutional Reputation
Summary:
Woo X, a cryptocurrency exchange platform, has allied with Wintermute, a crypto market maker and liquidity provider, to enhance liquidity and credibility within institutional circles. The collaboration opens the door for more top-tier liquidity providers like Selini Capital and Black Code Group. The Woo ecosystem, which includes centralized and decentralized exchange platforms, is expanding its daily volume, improving its ranking among DEXs. The partnership represents WOO X's move away from single market maker dependence towards engaging multiple high-caliber market makers.
Woo X, a cryptocurrency exchange platform, has joined forces with Wintermute, a prolific cryptocurrency market maker and liquidity supplier with a total trading volume exceeding $3.6 trillion. As the designated liquidity provider, Wintermute's role will be essential to the operations of the cryptocurrency exchange. This strategic alliance between the two entities, both of which operate within the cryptocurrency industry, aims to welcome high-level liquidity providers openly and transparently. London and Singapore-based Wintermute is one of several market makers that the cryptocurrency platform is engaging to bolster liquidity. WOO X is also receiving support from other liquidity providers such as Selini Capital and Black Code Group. For instance, Selini Capital consistently contributes to 15–25% of all maker volume on Perpetual Protocol. According to WOO CEO, Jack Tan, this collaboration has been years in the making, observing Wintermute's strong performance and credibility within the industry. Tan communicated to Cointelegraph that partnering with Wintermute, a well-respected market maker and cryptocurrency brand, will enhance liquidity and strengthen WOO X's institutional standing. The collaboration sends a clear message to expert traders about WOO X's commitment to becoming a key trading venue. The Woo network encompasses centralised and decentralised exchange (DEX) platforms. Tan shared with Cointelegraph that WOOFi, a DEX involving a swap and order book, is actively working on the structure of their version 3, due by the end of Q1 2024. "The version 2 is currently handling over $100 million in daily volume, ranking it eighth on DefiLlama amongst all DEXs. Joining forces with high-quality liquidity providers like Wintermute could result in more competitive pricing for the exchange," he added. WOO X is striving to incorporate more top-tier market makers into its ranks and is crafting sustainable, effective market maker incentives to distance itself from relying on a single liquidity provider, in stark contrast to its 2019 single market maker launch strategy. Today, designated market makers are accountable for 60%–70% of futures volumes.
Published At
12/12/2023 4:00:00 PM
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