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WOO X Introduces Meme Coin, Layer 2 Index Perpetuals in Partnership With Wintermute, GMCI

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WOO X has launched meme coin, layer 2 and the highest 30 token Index perpetuals.

The brand new merchandise are backed by market maker Wintermute and indexing specialist GMCI.

The brand new indices merchandise would quickly be complemented by a duplicate buying and selling possibility, WOO X chief working officer Willy Chuang mentioned.

Crypto change WOO X has launched a set of index perpetual contracts linked to meme cash, the highest 30 cryptocurrencies and layer 2 tokens, in partnership with market maker Wintermute and indices supplier GMCI.

WOO X closed a $9 million spherical in January of this 12 months with participation from Wintermute and Amber. The agency is providing merchants GMCI’s MEME index, which incorporates prime meme cash like SHIB, PEPE and DOGE, whereas the L2 index displays scaling tokens like MATIC, IMX and OP, the businesses mentioned.

Indices are a well-liked product in conventional finance with the Chicago Mercantile Trade, S&P Futures or Nasdaq Futures, permitting merchants publicity to the entire market. The brand new merchandise would quickly be complimented by a duplicate buying and selling possibility, in addition to on-chain U.S. Treasury Payments, WOO X chief working officer Willy Chuang mentioned.

“We’ve noticed cryptocurrencies going from vertical to vertical, from AI to meme cash, layer 2s and many others., and it’s difficult for retail merchants to maintain up and determine particular person successful tokens,” Chuang mentioned in an interview.

“Now, they will make investments primarily based on totally different sectors, thereby lowering the chance of publicity to a single asset in risky situations. This strategy, coupled with the copy buying and selling product we’re about to launch will assist in fostering adoption and enhancing consciousness throughout the legacy market.”

See also  Flare Blockchain to Host XDFi, Pioneering Compliant Decentralized Futures Platform

The WOO X index merchandise will permit each retail and complex buyers to craft extra complicated methods, mentioned Evgeny Gaevoy, founder and CEO of Wintermute.

CoinDesk additionally has an extended historical past within the crypto indices area.

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