Wootrade, a Taiwan-based liquidity supplier platform and crypto asset change aimed toward establishments, has concluded a $10 million non-public fu
Wootrade, a Taiwan-based liquidity supplier platform and crypto asset change aimed toward establishments, has concluded a $10 million non-public 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 will probably be used to broaden the Wootrade crew, and to assist the launch of future merchandise.
The platform is at the moment in closed beta, the place roughly one dozen establishments and early buyers are already driving seven-figure spot volumes for crypto property on behalf of their 65,00zero purchasers.
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 the moment 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.”
“For those who’re going to be a person of the platform, we positively need you to have our token.”