The leading cryptocurrency market maker, Wintermute, has announced ambitious plans to expand its business into the United States, driven by the unfolding of a more favorable environment for digital assets in the country.
In an enlightening interview with Bloomberg during the ongoing Consensus crypto conference in Hong Kong, Wintermute’s CEO, Evgeny Gaevoy, divulged the company’s intention to establish an office in New York and introduce new products designed specifically for U.S. crypto users.
Wintermute is Expanding to The U.S.
Gaevoy emphasized the new focus on the United States as a pivotal part of Wintermute’s forward-looking expansion strategies. The firm plans to bolster its workforce by adding five to ten new employees to its existing team of 130, thereby enhancing its operational capacity as it enters this vibrant market.
This expansion announcement follows closely on the heels of Wintermute’s successful funding round led by tech giant Tencent Holdings. Reports in July 2024 indicated that Wintermute was courting investments of between $100 million to $300 million, an influx that could drive the company’s valuation to approximately $2 billion. While exact figures from this recent funding round remain undisclosed, sources confirm that the initiative was indeed a success.
It’s noteworthy that Wintermute raised $20 million in a Series B funding round in January 2021, a venture led by the prominent Lightspeed Ventures with additional interest from other digital asset investment entities like Pantera Capital and Hack VC.
Discussing the ambitious expansion plans, Gaevoy expressed optimism regarding the potential benefits arising from favorable regulatory changes in the U.S., hinting that similar developments might soon emerge in other countries as well.
Trump’s Crypto-Friendly Regime
Since the inauguration of crypto-friendly U.S. President Donald Trump in January, numerous companies that previously exited the country or halted operations are now reconsidering their positions. The past few years saw the SEC, under former Chair Gary Gensler’s stewardship, impose stringent regulations on the crypto sector, resulting in an exodus of innovative businesses and products from the U.S. market.
Kraken, a noted cryptocurrency exchange, is one such entity affected by these regulatory pressures. The platform faced a $30 million penalty in early 2023 for unwarranted crypto staking services to U.S. customers and subsequently agreed to cease these operations. However, as evidenced by its recent actions, there appears to be a turnaround; on January 30, Kraken announced the resumption of its crypto staking services, now available in 37 states and two territories.
The developments surrounding Wintermute’s U.S. expansion reflect a broader trend of adaptation and resilience within the cryptocurrency landscape. As regulatory frameworks evolve, market players are strategically positioning themselves to tap into the vast potential offered by the American digital asset market.
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