Cryptocurrency exchange WOO
In a statement shared with The Block, WOO said it received new funding from designated market makers, with participation from Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber, and Riverside Hedge.
“We are excited to share the expanded market maker relationships at WOO “We expect to see significant improvements in liquidity for WOO
Woo said it revamped its business model in the third quarter of last year to work with more liquidity providers for spot and perpetual futures markets to “move away from Kronos Research as a single liquidity provider.”
Kronos, November 2023 I experienced hacking This reportedly resulted in a loss of approximately $25 million. Kronos suspended all transactions following the event, which at one stage resulted in: problem Woo
WOO “Some notable actions include updating the fee structure, strengthening the technical infrastructure to support simultaneous quoting of many DMMs, introducing maker rebates to USDT, and launching a DMM rewards pool to further incentivize DMMs to provide liquidity to WOO “There is a ,” the company said. Thursday statement.
Liquidity Enhancement Plan
The exchange plans to launch a DMM program for the spot market in the first quarter of this year. The company added, “Through these initiatives, WOO
The company plans to use the newly raised funds to expand into global markets and obtain regulatory licenses, according to the statement. Tan noted that the main purpose of the funding was to “align the interests of liquidity providers” rather than to raise capital, as market makers who pledged to improve WOO X’s liquidity participated in the round.
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