Cryptocurrency Exchange WOO X Raises $9 Million in Strategic Financing

According to Foresight News, cryptocurrency exchange WOO X has announced the completion of a $9 million strategic financing round, with funds coming entirely from its current and future designated market makers (DMMs). Participants in the round included Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber, and Riverside Hedge. The main purpose of this strategic financing is to further strengthen the collaboration between market makers and WOO X, improving its liquidity. WOO co-founder Jack Tan stated that the new financing will primarily be used for global market expansion, reinvesting in improving its product suite, obtaining regulatory approvals in key markets, and actively marketing to increase its market share in CeFi. He emphasized that the main goal of the plan is to align the interests of liquidity providers, rather than raising funds, as the total amount is less than a quarter of a Series A funding round. Tan also noted that only market makers participated in this financing round, as they will help improve WOO X's liquidity, rather than acting as traditional venture capital funds.