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Institutional crypto platform Wootrade raises $10M in investment round

Institutional crypto platform Wootrade raises $10M in investment round

Wootrade, a Taiwan-based liquidity supplier platform and crypto asset alternate geared toward establishments, has concluded a $10 million personal funding spherical led by Dragonfly Capital. 

Traders within the spherical embody crypto notables together with Haskey Capital, Three Arrows Capital, and DeFi Capital’s enterprise wing. The newly raised funds shall be used to broaden the Wootrade group, and to help the launch of future merchandise.

The platform is at present in closed beta, the place roughly one dozen establishments and early traders are already driving seven-figure spot volumes for crypto belongings on behalf of their 65,00zero shoppers.

Wootrade expects to totally launch inside six to 9 months, and claims its liquidity will surpass that of prime exchanges together with Binance.

Wootrade will quickly launch futures buying and selling and a local governance token ‘WOO’. The platform is at present exploring distributing the token to its customers primarily based on retroactive exercise.

Talking to Cointelegraph, Wootrade founder Jack Tan said that Uniswap-style airdrop mannequin is interesting as a result of token issuers can “reward the individuals who ought to actually have our tokens.”

“In the event you’re going to be a consumer of the platform, we positively need you to have our token.”

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