Wintermute Drops $1B for Traditional Market Ambitions
Wintermute, one of the largest algorithmic trading firms in crypto, is making an ambitious push into traditional markets. The firm plans to invest $1 billion over five years to build out high-frequency trading systems and AI data-center infrastructure.
The goal is for Wintermute to transform from a crypto market maker into a full-service trading firm that can compete with the likes of Jane Street and Citadel Securities.
The company's CEO, Evgeny Gaevoy, acknowledged in an interview with Bloomberg that average daily trading volumes have dropped from $15 billion last year to $10 billion this year as crypto markets have cooled.
To achieve its target of getting more than 50% of revenue from traditional markets by the end of 2027, Wintermute plans to double its New York team and grow its global workforce by 40% over the coming year.