Wintermute Raises $20M Sequence B Funding from Lightspeed Enterprise Companions and Pantera Capital to Scale its OTC, Derivatives and Asian Operations

wintermute defi 20m series lightspeed venture, LONDON & MENLO PARK, Calif.–(BUSINESS WIRE)–Wintermute, an algorithmic liquidity supplier for digital property, in the present day introduced the shut of a $20M Sequence B spherical led by Lightspeed Enterprise Companions (“Lightspeed”) with participation from Pantera Capital. Jeremy Liew, Associate at Lightspeed, will be part of Wintermute’s Board of Administrators.

Different traders becoming a member of the spherical embrace Sino International Capital, Kenetic Capital, Rockaway Blockchain Fund, Hack VC, DeFi Alliance, and Avon Ventures, a enterprise capital fund affiliated with FMR LLC, the mother or father firm of Constancy Investments. All present traders, together with Blockchain.com Ventures, additionally participated.

“Wintermute has grown nearly 25x since Lightspeed led the corporate’s Sequence A spherical simply six months in the past. That not often occurs! We’re excited to proceed supporting Wintermute and their formidable growth plans going ahead,” says Jeremy Liew, Associate at Lightspeed.

“As crypto markets develop in dimension and complexity, and as decentralized exchanges start to extra immediately join market makers and customers, the area would require liquidity suppliers that may evolve in tandem and preserve markets environment friendly,” says Joey Krug, Co-CIO of Pantera Capital. “We consider that Wintermute’s agile and complex method to market making might be key to unlocking liquid and environment friendly markets for this rising monetary system.”

Wintermute is a crypto-native market maker, targeted on constructing a decentralized monetary system by creating environment friendly, liquid markets with clear costs. For the reason that firm’s launch in 2017, the group has turn out to be one of many largest liquidity suppliers in crypto markets, overlaying 1000’s of pairs throughout nearly 50 crypto exchanges and buying and selling platforms on CeFi, DeFi and OTC.

The corporate has seen super development in 2020 rising at a 60% month-to-month fee and reaching $30B month-to-month buying and selling quantity by December. Wintermute additionally supplied liquidity for a few of the most outstanding tasks in 2020 and is planning to assist many extra in 2021.

The group has large development plans for 2021. Wintermute is presently piloting its personal RFQ platform with beta counterparties and is planning to launch it for institutional gamers inside the first quarter. “Since we’ve got a few of the best pricing available in the market, we had been actually pulled into this enterprise by our counterparties and companions that we work with. The algorithms we use for OTC are the identical we use for our proprietary buying and selling, so we’ve got a bonus in the case of pricing,” says Evgeny Gaevoy, CEO of Wintermute. “We take no charges on our OTC actions so counterparties can eradicate intermediaries and reduce charges by buying and selling with us immediately. With the launch of RFQ we’ll be capable to provide OTC trades at a better scale.”

Wintermute can also be seeking to scale the derivatives enterprise. “We’ve traditionally targeted on spot, however coming from conventional HFTs like Optiver, we’ve got all of the experience in home to offer liquidity in derivatives markets throughout perpetuals, futures and choices,” says Gaevoy.

Whereas a lot of the group is predicated in London, Wintermute has all the time operated globally throughout venues in Asia, US and Europe. The agency believes that with the launch of its RFQ and derivatives companies, it is going to additionally increase its bodily presence into Asia. Wintermute plans to open its first worldwide workplace in Singapore within the first quarter of 2021.

This newest spherical of funding comes on the heels of the Sequence A spherical the corporate closed in June 2020, led by Lightspeed Enterprise Companions and the institutional seed funding spherical led by Blockchain.com Ventures in January 2020. For extra info on Wintermute, go to: www.wintermute.com.

About Wintermute

Wintermute is a world algorithmic liquidity supplier for digital property. Wintermute’s mission is to create liquid, environment friendly and clear markets for institutional and retail traders throughout all vetted buying and selling platforms and its personal RFQ platform. Based and managed by skilled merchants and engineers from conventional monetary markets, Wintermute brings the very best practices of algorithmic and high-frequency buying and selling into digital asset markets. www.wintermute.com

About Lightspeed Enterprise Companions

Lightspeed Enterprise Companions is a multi-stage enterprise capital agency targeted on accelerating disruptive improvements and tendencies within the Enterprise, Shopper, and Well being sectors. Over the previous 20 years, the Lightspeed group has backed a whole bunch of entrepreneurs and helped construct greater than 400 corporations globally, together with Snap, Affirm, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, StitchFix, and GrubHub. Lightspeed and its associates presently handle $10.5B throughout the worldwide Lightspeed platform, with funding professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia and Europe. www.lsvp.com