Wintermute, an algorithmic liquidity provider for digital assets, has closed its Series B round on $20m, as it looks launch its request to quote (RFQ) solution.
Lightspeed Venture Partners led the investment, with participation also coming from Pantera, Sino Global Capital, Kenetic Capital, Rockaway Blockchain Fund, Hack VC, DeFi Alliance, Avon Ventures, and existing backer Blockchain.com Ventures.
Lightspeed partner Jeremy Liew will join the Wintermute board of directors.
This funding comes after a year of significant growth for the company, which culminated in it growing at a 60% monthly rate and reaching $30bn monthly trading volume in December.
Wintermute closed its Series A round in June 2020 from Lightspeed Ventures and its seed round in January 2020, which was backed by Blockchain.com Ventures.
Lightspeed partner Jeremy Liew said, “Wintermute has grown almost 25x since Lightspeed led the company’s Series A round just six months ago. That rarely happens! We are excited to continue supporting Wintermute and their ambitious expansion plans going forward.”
London-based Wintermute is a crypto-native market marker, aimed on creating a decentralised financial system by establishing efficient, liquid markets with transparent prices.
The cryptocurrency company is currently piloting its own RFQ platform with beta counterparties and is looking to launch it for institutional players in Q1 2021.
With this launch, the company is hoping to expand its presence into Asia. The FinTech is looking to open its first international office in Singapore later this quarter.
Pantera Capital co-CIO Joey Krug said, “As crypto markets grow in size and complexity, and as decentralized exchanges begin to more directly connect market makers and users, the space will require liquidity providers that can evolve in tandem and keep markets efficient.
“We believe that Wintermute’s agile and sophisticated approach to market making will be key to unlocking liquid and efficient markets for this growing financial system.”
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