Crypto Market Maker Wintermute in Talks for $100M Funding Round to Expand Operations
Crypto market maker Wintermute Trading is currently engaged in discussions to conduct a new fundraising round.
The company aims to sell shares worth $100 million, with a portion of the funds allocated to existing shareholders, The Information reported, citing people familiar with the matter.
Furthermore, Wintermute intends to issue new shares, although the precise quantity is yet to be determined.
The sources said that negotiations are underway, and specific details have not been finalized.
More recently, Wintermute Asia, a crypto derivatives trading firm, has expanded its services by gaining access to spot and CFD (Contract for Difference) products through the oneZero network.
The addition of CFDs to Wintermute’s existing OTC derivatives products took place in March and has witnessed significant growth in trading volumes, experiencing a more than threefold increase by June, according to the market maker.
CFDs, which stand for “contracts for difference,” are derivative products that enable speculation on the future price movements of various markets.
The oneZero network, utilized by banks and financial institutions, serves as a trading technology platform facilitating seamless operations.
Wintermute made headlines in May when it announced its involvement in providing liquidity and support for newly launched Hong Kong spot Bitcoin and Ethereum exchange-traded funds (ETFs).
The market maker serves as a liquidity provider for two licensed digital asset platforms in Hong Kong, namely OSL Digital Securities and HashKey HK Exchange.
Despite the challenging landscape faced by crypto exchanges, Wintermute reported a remarkable 400% surge in over-the-counter (OTC) trading volumes throughout 2023.
Despite market downturns, Wintermute’s
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