Wintermute to Open New York Office Amid Crypto Expansion Push

Wintermute, a well-known algorithmic trading firm, plans to open a new office in New York later this year.

Wintermute Focus on Growth, Not Trading

CEO Evgeny Gaevoy said the office will start with a small team of five to ten employees. However, he clarified that Wintermute will not conduct any trading activities from this location. Instead, the company will focus on offering over-the-counter (OTC) products in the U.S.

“We are looking to expand in the U.S. with our OTC offering,” Gaevoy stated at the Consensus crypto conference in Hong Kong.

Gaevoy also emphasized that the New York office will mainly serve to build relationships and explore business opportunities. 

He added that Wintermute remains committed to its global strategy while expanding its presence in North America.

Tencent Investment Fuels Expansion

A recent investment from Tencent Holdings has also influenced Wintermute’s expansion plans. Reports indicate that Tencent led a funding round to support Wintermute’s growth, including its U.S. expansion.

Additionally, sources say the Singapore-based company has been in talks with investors, including Tencent, to raise $300 million at a $2 billion valuation, excluding existing shares.

Crypto-Friendly Policies Encourage Growth

Another key factor behind Wintermute’s U.S. expansion is the current administration’s stance on cryptocurrency.

“We are feeling optimistic about the regulatory changes currently underway in the U.S.,” Gaevoy said.

Meanwhile, Wintermute is not the only crypto firm looking to grow in the U.S. Other companies such as Blockchain.com, Circle, Kraken, Gemini, Ripple, and BitGo are also expanding or considering public share sales. 

It is worth stating that this increase in expansion follows a period of strict regulations under the Biden administration. In contrast, the current Trump administration is seen as more supportive of crypto-friendly policies, creating a more favorable environment for these firms.

In addition, many states have considered making Bitcoin a strategic reserve asset. Currently, more than 20 U.S. states have submitted proposals to the Senate. Utah, which is leading the charge, has successfully advanced its proposal to the Senate Revenue and Taxation Committee.

These factors and other key reasons are why many cryptocurrency firms are looking to expand into the U.S.