Cryptocurrency exchange WOO X announced yesterday that it has raised $9 million in funding in its latest round, with investors including cryptocurrency market makers Wintermute, Selini Capital, Time Research, and others. The funds will be used to improve the liquidity of the exchange.
WOO X, incubated by Taiwan’s largest quantitative fund Kronos, stated on the 18th that it has raised $9 million in funding in its latest round. The investors include cryptocurrency market makers Wintermute, Selini Capital, Time Research, and others.
Founder of WOO X: Funds will be used to improve the liquidity of the exchange
According to The Block, Jack Tan, co-founder of WOO X, explained in a statement regarding the purpose of this funding that they hope to collaborate with more cryptocurrency market makers to reduce dependence on Kronos Research and improve the liquidity of the exchange. Jack Tan also added specific actions they will take.
What is WOO X?
WOO X exchange was launched by WOO Network in August 2021. It is the first cryptocurrency exchange to adopt a public and transparent order flow payment model and is incubated by Taiwan’s quantitative trading team, Kronos Research.
In November 2023, Kronos Research, as the market maker for WOO X, suffered a hacker attack resulting in a loss of up to $25 million, which temporarily paralyzed the WOO X exchange.
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