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, revealed that it raised $9 million in its latest round of funding on the 18th. Investors include cryptocurrency market makers Wintermute, Selini Capital, Time Research, and others.
Jack Tan, co-founder of WOO X, explained in a statement that the purpose of this funding is to collaborate with more cryptocurrency market makers, in order to reduce dependence on Kronos Research and improve the liquidity of the exchange. Tan also outlined specific actions they will take.
WOO X is an cryptocurrency exchange launched by WOO Network in August 2021. It is the first exchange to adopt a publicly transparent order flow payment model and was 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.