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Algorithmic crypto trading firm Wintermute is in talks with investors to raise new capital, according to a report. A deal worth between $100 million and $300 million could be in the works.
Chinese social media conglomerate Tencent is among the investors considering the deal, Bloomberg and The Information reported on July 19. The deal would give Wintermute a valuation of about $2 billion.
<h2 id="wintermute-is-a-rising-force-in-crypto">Wintermute is a rising force in crypto</h2>
United Kingdom-based Wintermute provides liquidity to over 50 cryptocurrency exchanges and trading platforms. It has facilitated about $5 trillion in cumulative trading, with that amount approximately doubling in the last two years.
Wintermute last <a href="https://www.businesswire.com/news/home/20210120005071/en/Wintermute-Raises-20M-Series-B-Funding-from-Lightspeed-Venture-Partners-and-Pantera-Capital-to-Scale-its-OTC-Derivatives-and-Asian-Operations" target="_blank" rel="noopener nofollow">raised</a> funds in January 2021 in a $20 million Series B round led by Lightspeed, which also led the previous round that <a href="https://www.businesswire.com/news/home/20200707005270/en/Wintermute-Raises-2.8M-Series-A-Funding-Led-by-Lightspeed-Venture-Partners-to-Make-Crypto-Markets-More-Liquid-and-Efficient" target="_blank" rel="noopener nofollow">raised</a> $2.8 million in July 2020. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/aef3b61f-259f-4106-a22a-69863f8940f1.png" alt="Wintermute in $300M funding talks, Tencent interested: Report" title="">
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 Source: <a href="https://x.com/wintermute_t/status/1815753244330590720" target="_blank" rel="noopener nofollow">Wintermute</a>
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Besides being a liquidity provider, Wintermute is an active investor in the crypto space. In 2024, it has <a href="https://cointelegraph.com/news/analog-16m-funding-cross-chain-communication-tools">invested in the Analog</a> cross-chain communications tool, the <a href="https://cointelegraph.com/news/mad-lads-backpack-17-million-series-a">Backpack crypto exchange</a>, Ethereum <a href="https://cointelegraph.com/news/vc-roundup-vcs-returning-crypto-february-suggests-renewed-confidence">scaling solution Taiko</a>, the <a href="https://cointelegraph.com/news/van-eck-heir-launch-new-us-dollar-agora-stablecoin-venture-capital-funding">Agora digital dollar</a> and the <a href="https://cointelegraph.com/news/m-0-35-million-funding-stablecoin-issuance-network">M^0 stablecoin issuance platform</a>. It is also reportedly <a href="https://cointelegraph.com/news/dydx-explores-sale-derivatives-trading-arm">interested in the purchase</a> of the dYdX derivatives trading software.
<h3 id="tencent-easing-into-the-crypto-sphere">Tencent easing into the crypto sphere</h3>
Tencent is the developer of the WeChat messaging app and publishes a wide range of video games. It has <a href="https://cointelegraph.com/news/china-most-valuable-company-pivoting-artiificial-intelligence-ai-gaming-profits-falter">moved into artificial intelligence</a> as gaming revenues fall and <a href="https://cointelegraph.com/news/tencent-unveils-chat-gpt-rival-china-us-ai-chip-ban">operates a competitor</a> to ChatGPT in China, where ChatGPT is not accessible.
Related: <a href="https://cointelegraph.com/news/tencent-cloud-to-reportedly-offer-deepfake-creation-tool-at-145">Tencent Cloud to reportedly offer deepfake creation tool at $145</a>
Since September 2023, Tencent has <a href="https://techcrunch.com/2023/09/25/telegram-wechat-super-app-ton-foundation/" target="_blank" rel="noopener nofollow">cooperated</a> with the TON Foundation and Telegram on mini apps through its Tencent Cloud subsidiary. In March, it signed a memorandum of understanding withthe Ras Al Khaimah Digital Asset Oasis economic free zone on an initiative <a href="https://cointelegraph.com/news/tencent-cloud-uae-deal-boost-crypto-startups">to establish a training center</a> and other measures to encourage the development of crypto entrepreneurship. 
Tencent has <a href="https://cointelegraph.com/news/immutable-delays-67-million-token-vesting-another-year">invested in non-fungible token</a> scaling solution Immutable. It <a href="https://cointelegraph.com/news/tencent-leads-20m-funding-round-for-dlt-supply-chain-firm-everledger">was also a major investor</a> in the failed Australian blockchain-based logistics company Everledger. Tencent <a href="https://cointelegraph.com/news/alrosa-tencent-everledger-bring-diamonds-on-the-blockchain-to-wechat">partnered with Everledger</a> and Russian diamond producer Alrosa in a diamond retailing e-commerce project in 2019.
Wintermute and Tencent did not immediately respond to Cointelegraph's requests for comment.
Magazine: <a href="https://cointelegraph.com/magazine/thailands-1b-crypto-sacrifice-mt-gox-final-deadline-tencent-nft-app-nixed-asia-express/">Thailand’s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed: Asia Express</a>

Wintermute in $300M funding talks, Tencent interested: Report

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