Crypto platform WOO X partners with market maker Wintermute for liquidity boost

Crypto trade platform Woo X has partnered with Wintermute, a crypto market maker and liquidity supplier with over $3.6 trillion in cumulative buying and selling quantity. Wintermute will act because the designated liquidity supplier for the crypto trade.

The newest partnership between the 2 crypto-focused platforms is a part of a proactive and clear effort to onboard top-tier liquidity suppliers. The London and Singapore-based liquidity supplier Wintermute is one in every of a number of market makers collaborating with the crypto platform.

Different liquidity suppliers, akin to Selini Capital and Black Code Group, additionally assist WOO X. Selini Capital, for instance, has constantly contributed 15–25% of all maker quantity on Perpetual Protocol.

WOO CEO Jack Tan stated the deal comes after years of observing the buying and selling agency uphold a powerful monitor document and popularity. Tan instructed Cointelegraph that Wintermute is a top-tier market maker and model within the crypto {industry}. He added that collaboration with Wintermute offers a lift, not solely when it comes to liquidity within the order books but in addition in giving WOO X extra credibility inside institutional circles.

“It’s a powerful sign to skilled merchants that we’re critical about making WOO X an important venue for buying and selling.”

The Woo ecosystem contains each centralized and decentralized trade (DEX) platforms. Tan instructed Cointelegraph that WOOFi, a decentralized swap and order ebook DEX, is actively exploring the design of their v3 model, which is scheduled for the tip of Q1 2024.

“The v2 is already processing over $100 million in each day quantity, putting it at rank eight on DefiLlama for all DEXs. With the ability to add further LPs [liquidity providers] of the caliber of Wintermute may very well be a supply of even higher pricing for the trade.“

WOO X is actively onboarding extra industry-leading market makers and introducing sustainable and aggressive market maker incentives to get rid of dependence on any single liquidity supplier.

This contrasts sharply with its launch in 2019, utilizing a single market maker mannequin. At present, designated market makers present liquidity for 60%–70% of futures volumes.