Notable liquidity providers, Wintermute and Amber, are among those taking part in the fundraising.
The WOO X exchange will have more liquidity thanks to a $9 million round that Woo said it had finished with many present and prospective platform market makers.
“After launching our DMM program in August of last year, we are excited to announce the extended partnership of market makers on WOO X. These prominent market makers have shown their confidence in our platform by collectively contributing $9 million in funding,” Woo co-founder Jack Tan stated in a statement.
The speaker went on to say, “We anticipate liquidity on WOO X to improve substantially in the next few months, beginning with the markets for Bitcoin and Ethereum perpetual futures and then moving on to other cryptocurrencies and spot markets. Notable liquidity providers, Wintermute and Amber, are among those taking part in the fundraising.”
In the third quarter of last year, WOO X announced that it had moved away from relying on Kronos Research as its only liquidity provider and instead was building a broad ecosystem. In the first quarter of 2024, the company expects to establish a designated market maker (DMM) program for spot markets.
According to Tan, Woo intends to use the money toward expanding the company’s reach internationally, creating new products, and meeting regulatory requirements. He also wants to make sure that the exchange benefits liquidity providers more than conventional venture capitalists when it comes to raising capital.
Woo Network completed a Series A funding round of $30 million in 2021. Three Arrows Capital, a participant in Series A, went bankrupt in October of last year, and it repurchased its shares and tokens from the estate.
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