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.
Wintermute Asia Expands Services
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 OTC trading volume quadrupled, underscoring the company’s resilience and success in navigating the volatile market.
Crypto Startup Funding Surpasses $100 Billion
Crypto startups have experienced a significant surge in funding over the past decade, surpassing the impressive milestone of $100 billion since May 2014.
The peak of cryptocurrency startup funding was reached in October 2021, with over $7 billion raised during that month.
The second-highest recorded funding occurred in February 2022, totaling $3.67 billion.
Recent research indicates that nearly half of all cryptocurrency funding originates from investors in the United States.
The remaining investments are distributed among various countries, with the United Kingdom accounting for 7.7% and Singapore for 5.7%, based on figures from the second quarter of 2023.
Notably, a series of high-profile funding deals have taken place between late 2023 and the first half of 2024.
Together.AI and cross-chain protocol Wormhole secured investments of $225 million each, while open-source cloud storage firm Totter and Eigenlayer raised $101 million and $100 million, respectively.
Other notable funding rounds include Swan Bitcoin’s $165 million raise and Blockchain.com’s $110 million.
These substantial investments highlight the continued confidence and interest in the cryptocurrency industry.
Source: cryptonews.com
