In a strategic move to strengthen liquidity and bolster credibility within institutional circles, WOO X, a cryptocurrency exchange platform, has announced a partnership with Wintermute, a distinguished crypto market maker with a cumulative trading volume exceeding $3.6 trillion.
This collaboration signifies a pivotal step for WOO X in diversifying and consolidating its liquidity support, departing from the initial single market maker model established during its 2019 launch. Wintermute will now serve as the designated liquidity provider for WOO X, enhancing the exchange’s liquidity across its order books.
Wintermute, headquartered in London and Singapore, ranks among the top-tier liquidity providers in the crypto industry. This partnership aligns with WOO X’s proactive strategy to onboard leading market makers and fortify relationships within the crypto market.
Apart from Wintermute, other prominent liquidity providers, including Selini Capital and Black Code Group, are also extending their support to WOO X. Selini Capital, recognized for consistently contributing 15–25% of all maker volume on Perpetual Protocol, further strengthens the network of liquidity supporting WOO X.
Jack Tan, CEO of WOO X, expressed satisfaction with the collaboration, emphasizing Wintermute’s robust track record and reputation in the crypto market. According to Tan, this partnership not only injects liquidity into the order books but also elevates WOO X’s standing in institutional circles.
Tan revealed that WOO X’s ecosystem includes both centralized and decentralized exchange platforms. The decentralized swap and order book DEX, WOOFi, are actively working on the design of their v3 version, scheduled for release at the end of Q1 2024.
In a continuous effort to fortify its liquidity network, WOO X is actively pursuing additional partnerships with industry-leading market makers. The exchange is also introducing sustainable and competitive market maker incentives, aiming to reduce reliance on any single liquidity provider.
This collaborative effort marks a significant departure from WOO X’s initial reliance on a single market maker model. Currently, designated market makers contribute liquidity for 60%–70% of futures volumes, showcasing the exchange’s commitment to a diversified and resilient liquidity strategy.
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