According to The Block, Woo X, a cryptocurrency exchange incubated by Taiwan’s quant team Kronos, has raised $9 million in its latest funding round from market makers and quantitative trading teams including Wintermute, Selini Capital, Time Research, Presto Labs, and Amber.
In a statement, Jack Tan, Co-founder of WOO, emphasized that the main purpose of raising funds for the company is not to increase its capital, but to improve the platform’s liquidity and align the interests of liquidity providers (i.e., market makers) with the company’s interests.
Woo stated that the company improved its business model in the third quarter of last year by collaborating with more liquidity providers in both spot and perpetual futures markets, thereby overcoming the limitations of a single liquidity provider (Kronos Research).
In November 2023, Kronos experienced a hacker attack, which reportedly caused an estimated $25 million in losses. After the incident, Kronos suspended all trading, which temporarily affected Woo X, the exchange incubated by Kronos and where Kronos is the primary market maker.
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