World Crypto Global
- Written by: Damian Chmiel
- Thu, 15 Feb 2024
- Israel
WintermuteAsia, the digital asset trading division of algorithmic trading firm WintermuteGroup, announced today (Thursday) the addition of contract for difference (CFD)crypto products to its over-the-counter (OTC) derivatives suite.Wintermute Asia ExpandsOTC Derivatives Offering with New CFD ProductAccordingto the company, the new CFD offering aims to meet growing demand frominstitutional investors for access to crypto markets. Wintermute said itwitnessed increased interest late last year from traditional financialinstitutions, measured by higher trading volumes compared to crypto-nativefirms.The CEO ofWintermute, Evgeny Gaevoy, said CFDs provide "efficient access to marketsthrough a familiar instrument" as interest grows. The product givesexposure to digital assets "without the need for direct infrastructure tohold and secure the underlying assets," he added.The firm'snew CFDs are initially available on Bitcoin, Ethereum and other majorcryptocurrencies. They can be traded via Wintermute's API or chat tools. In the future, however, the company wants to expand CFD's offering on a larger number of digital assets.WintermuteAsia is the Asian arm of Wintermute Group, one of the largest global cryptotrading shops. The unit offers various OTC derivative products, including options, futures, and customized offerings to meet diverse institutional investor requirements.Wintermute Reports Higher VolumeWintermute's over-the-counter trading desk saw substantial expansion in 2023, even as broader digital asset markets slowed. Over the past year, the company achieved multiple volume records, surpassing $2 billion in weekly trade volume. Wintermute nearly doubled its counterparty base compared to 2022. Additionally, trading activity accelerated in the second half of 2023, with total volume quadrupling from the first half. By the end of the year, the desk had traded 206 distinct crypto assets across 495 trading pairs. Altcoins also composed a greater volume share, making up 40% of trading in the latter half of 2023.Options Block Trade viaCMETowards theend of 2023, Wintermute announced a series of significant partnerships, markinga pivotal step in its expansion and strategic positioning within the digitalassets market. Among thesedevelopments, the company executed its first options block trade through theCME Group. This BTC/USD block trade, a collaboration between Wintermute Asiaand TP ICAP, was successfully cleared by ABN AMRO Clearing Bank N.V.,highlighting the firm's commitment to providing new methods for institutionalinvestors to gain exposure to digital assets.Simultaneously,WOO X, a player in the digital assets exchange space, has successfullyintegrated Wintermute as a liquidity provider. "Ourexpertise in providing robust liquidity complements this collaboration groundedin our shared commitment to transparency, which is critical to building trustin centralized crypto trading products," said Gaevoy.This article was written by Damian Chmiel at www.financemagnates.com.
