Proactive partnership
Crypto exchange platform Woo X has teamed up with Wintermute, a market maker and liquidity provider, in a bid to enhance liquidity on the platform. Wintermute, which has facilitated over $3.6 trillion in trading volume, will act as the designated liquidity provider for Woo X.
Top-tier collaboration
Woo X's partnership with Wintermute is part of its strategy to onboard leading liquidity providers. Wintermute, based in London and Singapore, is one of several market makers working with the crypto platform. Other liquidity providers include Selini Capital and Black Code Group.
Boosting credibility
Woo X CEO Jack Tan stated that the collaboration with Wintermute not only strengthens liquidity on the exchange, but also enhances the platform's credibility among institutional traders. Tan described Wintermute as a top-tier market maker and brand in the crypto industry.
Expanding the Woo ecosystem
Woo X's ecosystem includes both centralized and decentralized exchange platforms. The decentralized swap and order book DEX, WOOFi, is actively developing its v3 version, which is set to launch by the end of Q1 2024. The addition of liquidity providers like Wintermute could result in even better pricing for the exchange.
Diversifying market makers
In a departure from its initial launch model, Woo X is actively onboarding more industry-leading market makers. This is aimed at reducing reliance on any single liquidity provider and introducing sustainable and competitive market maker incentives. Currently, designated market makers provide liquidity for the majority of futures volumes on the platform.
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