TAIPEI, Sept. 17, 2020 /PRNewswire/ -- WOOTRADE, Inc. today announced financial backing from prestigious institutional investors, including Three Arrows Capital, IOSG Ventures, QSN, the ventures arm of QCP Capital, and Defi Capital. The investors are dominant global players with a proven track record of not only identifying solid startups but also providing unique value to their portfolio companies. Recently backed projects include 1inch, Synthetix, and Aave.
According to IOSG Ventures' Founding Partner, Jocy Lin, liquidity fragmentation presents a fundamental barrier to faster growth in the cryptocurrency industry. Wootrade solves this by being a disruptive undertaking tackling the liquidity problem for both centralized and decentralized venues. Even the largest exchanges are not able to provide their users with sufficient liquidity to support the needs of professional traders. Wootrade's technology enables exchanges of all sizes to access deep liquidity pools, a necessity for trading platforms seeking to onboard demanding traders and institutional participants. The new capital will boost Wootrade's tech team and global marketing efforts. At present, the team has 16 full-time employees working in Taipei, Shenzhen, Beijing and Shanghai.
CEO of Three Arrows Capital, Su Zhu was drawn to the experience of the Wootrade team. "Kronos Research is one of the most successful OTC and exchange market makers in cryptocurrency trading history, and Wootrade marks their entrance into DeFi/CeFi in a more public way. We are excited and humbled at 3AC to be a part of this journey."
"We are excited to be backing the stellar team at Kronos Research and Wootrade as the first mover in bringing digital asset dark pools and quant strategies to the DeFi/CeFi space," said Sherwin Lee, Managing Partner of QSN.
Having a track record of rapid success in the CeFi B2B side, the team is actively implementing support for DeFi platforms. "The hope is that users will not feel so much of a difference in terms of speed and costs when trading on DeFi venues." - Ran Yi COO of Wootrade. Even though the WOO token has not been issued, it is already in use by their institutional clients. The details of the upcoming token launch in Q4 2020 will be announced shortly.
Incubated by Kronos Research, Wootrade provides exchanges, wallets, brokers, and trading institutions with zero-fee liquidity and continuously maintains the best market prices. The platform provides a depth of 100+ BTC at a spread of 10 US dollars.