Institutional crypto platform Wootrade raises $10M in investment round

Wootrade, a Taiwan-based liquidity provider platform and crypto asset exchange aimed at institutions, has concluded a $10 million private investment round led by Dragonfly Capital. 

Investors in the round include crypto notables including Haskey Capital, Three Arrows Capital, and DeFi Capital's venture wing. The newly raised funds will be used to expand the Wootrade team, and to support the launch of future products.

The platform is currently in closed beta, where roughly one dozen institutions and early investors are already driving seven-figure spot volumes for crypto assets on behalf of their 65,000 clients.

Wootrade expects to fully launch within six to nine months, and claims its liquidity will surpass that of top exchanges including Binance.

Wootrade will soon launch futures trading and a native governance token ‘WOO’. The platform is currently exploring distributing the token to its users based on retroactive activity.

Speaking to Cointelegraph, Wootrade founder Jack Tan stated that Uniswap-style airdrop model is appealing because token issuers can “reward the people who should really have our tokens.”

“If you’re going to be a user of the platform, we definitely want you to have our token.”