Crypto market maker Wintermute is setting its sights on the United States, planning to establish a New York office and introduce new trading products.
The move signals the company’s ambition to expand into one of the world’s most significant financial markets. CEO Evgeny Gaevoy outlined the company’s strategy in a Bloomberg interview during the Consensus crypto conference in Hong Kong.
Strengthening Presence in the US
Wintermute, a leading market maker in the crypto industry, intends to offer over-the-counter (OTC) trading services in the US. OTC trading allows institutions and high-net-worth investors to buy and sell large amounts of cryptocurrencies without impacting market prices.
This offering aligns with Wintermute’s goal of increasing liquidity in the crypto space while catering to sophisticated investors.
To support this expansion, the company plans to increase its workforce slightly. Gaevoy mentioned that Wintermute will hire five to ten employees, adding to its current team of 130.
While this is a modest increase, it reflects the company’s cautious yet strategic approach to growing its presence in the US.
A Strong Financial Backing
Wintermute has established itself as a dominant player in the crypto trading industry. The company recently secured funding from Tencent Holdings Ltd., a major Chinese tech giant.
Although the funding details remain private, the backing of Tencent highlights investors’ confidence in Wintermute’s growth potential.
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Previously, in January 2021, Wintermute raised $20 million in a Series B funding round led by Lightspeed Ventures. Other notable investors in that round included Pantera Capital and Hack VC, both well-known names in crypto investment.
These funding rounds have helped Wintermute scale its operations and expand its product offerings.
Optimism Around US Regulatory Changes
Wintermute’s expansion into the US comes at a time when regulatory conditions are shifting. Gaevoy expressed optimism about potential changes in US crypto regulations, suggesting that other countries might follow the US in shaping the industry’s future.
The return of Donald Trump to the White House has brought fresh hope to the crypto sector. Many digital asset firms believe that the previous administration under President Joe Biden and SEC Chair Gary Gensler took a harsh stance on crypto.
With Trump seen as more crypto-friendly, industry leaders are hopeful for clearer and more favourable regulations that encourage innovation rather than restrict it.
Wintermute’s US expansion marks a significant step in its global growth strategy. By entering the New York market, introducing OTC products, and hiring key personnel, the company is positioning itself for long-term success.
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