To increase liquidity on its WOO X exchange, Woo said that it has closed a $9 million round from several present and potential market makers on the platform.
“Since our DMM programme launched in August of last year, we are excited to discuss the extended relationship of market makers on WOO X. Notably, these top market makers have invested $9 million in total, demonstrating their faith in our platform, according to a release from Woo Co-founder Jack Tan.
He went on, “We anticipate a significant improvement in liquidity on WOO X in the coming months, starting with the perpetual futures markets for BTC and ETH and moving into altcoin futures and all spot markets.” Wintermute and Amber are among the participants in the raise, along with other prominent liquidity providers.
WOO X announced in the third quarter of last year that it has moved from relying solely on Kronos Research as a liquidity provider to a diversified ecosystem. It also stated that it would introduce a designated market maker (DMM) programme for spot markets in the first quarter of 2024.
Tan stated that Woo intends to utilise the money for product development, worldwide expansion, and regulatory compliance in addition to making sure the exchange puts the interests of liquidity providers ahead of capital raising and emphasises market makers’ involvement over traditional venture capitalists.
Woo Network completed a $30 million Series A financing in 2021. It repurchased its tokens and shares from Three Arrows Capital’s bankruptcy estate in October of last year. Three Arrows Capital took part in Series A