Blockchain.com, a popular cryptocurrency wallet service and blockchain data provider, announced that it is leading a fund-raising process to its trading partner Wintermute Trading.
Blockchain.com Ventures, Blockchain.com’s venture arm, has completed a seed funding round for Wintermute Trading, a United Kingdom-based algorithmic trading firm.
While the amount of funding is undisclosed, the seed round apparently will exceed one million of dollars investment, a Blockchain.com spokesperson said. Furthermore, participation from blockchain-focused capital market FBG has also been seen in the funding round.
Partnership since July 2019
It is worth mentioning that, the investment comes after Blockchain.com partnered with Wintermute in July 2019 to launch their proprietary crypto-exchange. Peter Smith, CEO and co-founder of Blockchain.com, clarified that Wintermute contributed with the pricing and execution resources to the Blockchain.com Exchange.
“Wintermute was part of the diverse, global group of market makers on the Blockchain.com Exchange when we launched the platform last July, and continues to act in that capacity. In doing so, they help us provide fair pricing and efficient execution for traders of all sizes around the world,” Smith said.
Smith also explained that Wintermute’s technology is 100 percent proprietary, noting that algorithmic and high-frequency trading experts have built their platform.
“They understand the intricacies of market structure, and bring a developer-first mindset when tackling the biggest challenges in trading,” Smith noted.
Samuel Harrison, managing partner at Blockchain.com Ventures, will join the company’s board of directors as part of its investment in Wintermute.
Partners Included Binance, Coinbase and Kraken
Wintermute aims to further develop its technology with the newly raised funds, and to continue building liquid and competitive crypto markets. A group of veterans from Optiver, a major Dutch trading company and market maker, founded Wintermute with headquarters in London. Wintermute was also a partner for big crypto exchanges including Binance, Coinbase and Kraken according to the announcement.
Following a decrease in total funding dollars, Investment activities in the fourth quarter of 2019 point to pockets of potential for blockchain technology in enterprise applications, data by CBInsights showed.