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Crypto market maker Wintermute Trading has raised an undisclosed sum in a seed funding round led by Blockchain.com, The Block reported.
The round, in which a "seven-figure" sum was raised, also saw participation from FBG Capital and other angel investors.
Founded in 2017, London-based Wintermute Trading aims to provide the crypto exchange ecosystem with liquid and efficient markets. It has trading algorithms in the market and provides liquidity on over 100 crypto exchanges. It counts Binance, Coinbase, Kraken, OKCoin, Seed CX, Blockchain.com and others among its partners.
"We had the pleasure of getting to know the Wintermute team intimately in their capacity as an early partner to the Blockchain.com Exchange,” said Peter Smith, co-founder and CEO of Blockchain.com. “We were impressed with their execution capabilities, which we view as best in class, and developed conviction that they will become a leading market making force.”
Wintermute intends to use the funding to improve its algorithmic platform and expand its team. Speaking to the news outlet, co-founder and CEO Evgeny Gaevoy said that their platform is built on “100% proprietary technology” and enhancement will be done using the standards of mature markets and not by the still-nascent crypto standards.
Gaevoy claimed that Wintermute currently covers 70% of vetted exchange volumes and it is planning to increase it to “90% in the coming months.” He also revealed that the company is planning to expand its OTC plans significantly.
Wintermute also plans to raise series A in "late 2020-beginning 2021, which would potentially cover the development of projects in adjacent spaces.”
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