Wintermute CEO Evgeny Gaevoy says the company aims to expand in the United States with a new New York office, banking on pro-crypto legislation under the Trump administration.
Summary
• Wintermute, a London-based algorithmic cryptocurrency trading company, plans to open a new office in New York.
• CEO Evgeny Gaevoy announced a shift in commercial development objectives, focusing on the US market.
• Gaevoy expects the Trump administration to withdraw regulatory accusations against cryptocurrency businesses and protocols.
• The company plans to expand in the US with its OTC products and derivatives.
• Wintermute plans to create a New York office with an initial staff of five to ten people, focusing mainly on the business development and operational side.
• Gaevoy clarified that Wintermute will not hire for trading positions in its US branch.
Wintermute, a London-based algorithmic cryptocurrency trading business, aims to expand into the US market, beginning with a headquarters in New York.
On February 19, Wintermute CEO Evgeny Gaevoy announced a shift in the company’s commercial development objectives, which had previously concentrated primarily on Asian countries. “Now we have a fresh focus on the US,” he told Bloomberg, citing prospects for better cryptocurrency laws.
Gaevoy believes that the Trump administration will soon withdraw various accusations against crypto protocols, securities, and other issues.
Following the Example of US Regulations
Gaevoy thinks that numerous regulatory accusations against cryptocurrency businesses and protocols would be withdrawn shortly under US President Donald Trump’s more pro-crypto government. He also argued that the United States may establish a precedent for international cryptocurrency laws.
“We are seeking to expand in the US with our OTC product and also with derivatives on the OTC side.” Wintermute intends to create a New York office with an initial staff of five to ten people, “mainly on the business development side and a little on the operational side,” he stated.
Gaevoy has verified that Wintermute will not hire for trading positions at its US branch.
Memecoins’ Impact on Crypto
Another statement that Gaevoy made was on the expanding meme coin ecosystem, which he referred to as “a significant drag on crypto.” He contends that meme coins consume liquidity from enterprises that are already in existence. Gaevoy provided an example of the Trump meme coin during his explanation:
Following the debut of the Trump token, its market cap increased to a respectable level. However, nearly all of the other meme coins on Solana experienced a significant decline in value as a result of this news.
According to the Chief Executive Officer of Wintemute, this phenomenon, which is described as “when a new token gets created, it drains liquidity from the current ones,” presents a hurdle to the expansion of the sector as a whole. On the other hand, he went on to say that price drops in new tokens are a natural part of the lifetime of cryptocurrencies and are not directly impacted by platforms such as Binance or Wintermute.
Also Read: Wintermute Promptly Repays a $92 Million Truefi Loan Despite a $160 Million Hack
Wintermute, a bitcoin market maker, owes Maple Finance and Clearpool $97,4 million in loans after repaying TrueFi’s $92 million loan. The breach caused $160 million in debt repayment issues, with $189.4 million in debt repayment issues. Libre Blockchain’s James Edwards believes that a portion of the proceeds from the hack went towards repayment. TrueFi issued a default notice to Blockwater Technologies for failing to make a scheduled payment on a $3.4 million Binance USD loan…[Read More]
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