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Crypto platform WOO X companions with market maker Wintermute for liquidity increase



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, reminiscent of 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 observe file and repute. Tan advised Cointelegraph that Wintermute is a top-tier market maker and model within the crypto {industry}. He added that collaboration with Wintermute supplies a lift, not solely when it comes to liquidity within the order books but additionally in giving WOO X extra credibility inside institutional circles.

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

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

“The v2 is already processing over $100 million in every day quantity, inserting it at rank eight on DefiLlama for all DEXs. Having the ability to add extra LPs [liquidity providers] of the caliber of Wintermute could possibly 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. Immediately, designated market makers present liquidity for 60%–70% of futures volumes.