Crypto Market Maker Wintermute Eyes New York for US Expansion: Report

Crypto market maker Wintermute plans to expand into the US. It intends to open an office in New York and introduce new products to the local market.

CEO Evgeny Gaevoy detailed the company’s ambitions in a Bloomberg interview at the Consensus crypto conference in Hong Kong, pointing to a new strategic focus on the US.

As part of its expansion, Wintermute plans to offer over-the-counter (OTC) products to US customers. It also aims to slightly increase its workforce. Gaevoy stated that the company plans to add between five and ten employees to its current team of 130.

Trump’s Election Fuels Optimism for a More Crypto-Friendly US Framework

The firm remains optimistic about potential regulatory changes in the US. It believes that developments there could influence how other countries regulate digital assets. This optimism grew after Donald Trump’s election, whose pro-crypto stance has raised expectations for a more favorable regulatory environment.

During his campaign, Trump positioned himself as an advocate for digital currencies, contrasting sharply with the previous administration under President Joe Biden and then-SEC Chair Gary Gensler, whose policies were perceived as restrictive by many in the industry.

Bloomberg also reported that Wintermute recently secured funding in a round led by Chinese tech giant Tencent Holdings, citing anonymous sources. Previously, the company raised $20m in a Series B round led by Lightspeed Ventures in January 2021, with participation from major crypto investment firms such as Pantera Capital and Hack VC.

US Expansion Reflects Growing Institutional Interest in Crypto

Wintermute has been making waves in the crypto space, most notably in May when it played a key role in providing liquidity and support for the launch of Hong Kong’s spot Bitcoin and Ethereum exchange-traded funds (ETFs). The firm serves as a liquidity provider for two licensed digital asset platforms in Hong Kong—OSL Digital Securities and HashKey HK Exchange.

Despite challenges faced by the broader crypto market, Wintermute reported a 400% surge in OTC trading volumes throughout 2023.

As Wintermute strengthens its presence in the US, its expansion signals a broader trend of institutional adoption and regulatory engagement in the evolving crypto landscape.