WOO raises $9M from market makers to further improve WOO X liquidity
Summary
The participants of the strategic raise include Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber and Riverside Hedge.We are thrilled to share the expanded relationship of market makers on WOO X, following the launch of our DMM program in August last year. Some notable actions include updating its fee structure, enhancing its technology infrastructure to support many DMMs quoting simultaneously, introducing a maker rebate in USDT, and launching a DMM rewards pool to further incentivize DMMs to provide liquidity on WOO X.Additionally, WOO will continue to improve its business model by launching a DMM program for its spot markets in Q1 2024. He emphasized that the primary purpose of the initiative was to align interests of liquidity providers, rather than raise capital, given the total amount is less than a quarter of its Series A, and noted it was exclusively participated by market makers that will contribute to improving liquidity on WOO X rather than traditional venture capital funds. Having built up trust with the WOO team over the latter part of 2023, we now believe they exhibit the potential to expand growth and cement a top-tier position as an exchange, Evgeny Gaevoy, CEO and co-founder of Wintermute said in a statement.This partnership with WOO aligns with our goal of providing liquidity at top-tier trading platforms while contributing to the growing adoption of virtual assets in Asia. We share a similar mission of meeting the diverse needs of users, building innovative technology, and maintaining regulatory compliance to foster trust and reliability within the thriving virtual asset ecosystem, Yongjin Kim, Co-Founder of Presto Labs said in a separate statement sent to WOO.For his part, Jordi Alexander, CIO of Selini Capital said, "We are excited to be investing into deepening our partnership with WOO, one of the rapidly ascending platforms that is staying ahead of the curve.