Crypto market maker Wintermute is expanding its presence in Asia with an increased headcount in Singapore and the relocation of its co-founder to the city-state.
Wintermute Trading is planning to increase its focus in Asia with plans to move around 4 percent of the firm’s 85 staff to Singapore, according to a «Bloomberg» report, with co-founder Yoann Turpin also relocating to the city-state.
«We are much more focused on Asia. We send a strong signal by having me as a co-founder in Asia to push the business further,» Turpin said in an interview during a Web3 conference in Tokyo.
Wintermute set up its Singapore office in 2021 after establishing its first office in London. Should it continue to extend its reach, the firm is considering Dubai for a third office.
«Expensive Year»
According to Turpin, 2022 was «a bit of an expensive year» after Wintermute survived the collapse of FTX, in which it had $55 million of asset exposure. Last September, it was also hacked for about $160 million from its decentralized finance operations.
Founded in 2017, Wintermute is a market maker that facilitates over-the-counter crypto trading, provides liquidity for exchanges and has invested in over 85 projects in areas like decentralized finance and blockchain infrastructure. In 2021, Wintermute recorded $1.5 trillion of trading volume and $1.05 billion in revenue, according to a report.
