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WOO X, a cryptocurrency exchange, announced it has secured $9 million in investment from market maker investors, including Wintermute.
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WOO said it has received new funds from designated market makers, and the companies that provided funding include Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber, and Riverside Hedge.
Jack Tan, co-founder of WOO, said in a statement that he is excited to share the expanding relationship of market makers on WOO X, and that he expects liquidity on WOO X to increase significantly in the coming months as it recently launched Bitcoin (BTC) and Ethereum (ETH) perpetual futures, and plans to expand altcoin perpetual futures in the future.
WOO had announced last year that it was restructuring its business model and that its goal was to move away from a single liquidity provider, Kronos Research, by partnering with more liquidity providers for its perpetual futures markets.
In November 2023, Kronos was reportedly the victim of an attack that caused an estimated $25 million in losses. Following the incident, Kronos halted trading, which caused problems for WOO X, which Kronos served as its main market maker.