WOO Raises $9 Million from Market Makers to Expand Its Crypto Trading Platform

wOO BANNER, a hand holding a bag of money and some cash in the background below them

WOO, a crypto trading platform that connects retail and institutional traders with deep liquidity pools, has announced that it has raised $9 million from market maker investors, including Wintermute, one of the largest liquidity providers in the crypto space.

Bridging A Gap

WOO is a crypto trading platform that was launched in 2020 by a team of former executives from Huobi, one of the world’s largest cryptocurrency exchanges. WOO’s vision is to bridge the gap between retail and institutional traders by offering them access to deep liquidity pools, low fees, and advanced trading tools. WOO claims to have over 1.5 million users and a daily trading volume of over $1 billion.

WOO has recently announced that it has raised $9 million from market maker investors, including Wintermute, one of the largest liquidity providers in the crypto space. Market makers are entities that provide liquidity to the market by buying and selling assets at predetermined prices, thus facilitating trading and reducing price volatility.

Regulatory License in Key Markets

The funding will be used to fuel WOO’s global market expansion, enhance its product suite, and obtain regulatory licenses in key markets. WOO’s co-founder, Jack Tan, stated that the main purpose of the fundraising is to align the interests of liquidity providers with the platform, rather than raising capital. He said that WOO aims to provide a transparent, fair, and efficient trading experience for all users, regardless of their size or location.

WOO’s co-founder, Jack Tan, stated that the main purpose of the fundraising is to align the interests of liquidity providers with the platform, rather than raising capital. He explained that by having market makers as investors, WOO can ensure that its users will always have sufficient liquidity and competitive prices on its platform.

“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. Notably, these leading market makers have collectively contributed $9 million in funding, underscoring their confidence in our platform. We anticipate liquidity on WOO X to improve substantially in the next few months, starting with BTC and ETH perpetual futures markets and expanding into altcoin perpetual futures and all spot markets,” said WOO Co-founder Jack Tan.

New Product Suite Launches

WOO plans to launch new products, such as WOO X, a decentralized exchange that leverages the liquidity of centralized exchanges, and WOO Ventures, a venture capital arm that invests in promising crypto projects. WOO also aims to obtain licenses in jurisdictions such as the UK, Singapore, and Japan, where crypto regulations are more favorable and clear.

WOO’s co-founder, Jack Tan, said that WOO’s mission is to provide a transparent, fair, and efficient trading experience for all users, regardless of their size or location. He added that WOO is not only a trading platform, but also a community of crypto enthusiasts who share the same vision and passion for the future of decentralized finance. He invited users to join WOO’s ecosystem and enjoy the benefits of trading with market makers.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.