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

Apr 9, 2024
  • WOO X has introduced meme coin, layer 2 and the top 30 token Index perpetuals.
  • The new products are backed by market maker Wintermute and indexing specialist GMCI.
  • The new indices products would soon be complemented by a copy trading option, WOO X chief operating officer Willy Chuang said.

WOO X, a crypto exchange, now offers index perpetual contracts connected to popular coins like memes, top 30 cryptocurrencies, and layer 2 tokens. This collaboration is between WOO X, market maker Wintermute, and indices provider GMCI.

In January of this year, WOO X successfully raised $9 million in a funding round with contributions from Wintermute and Amber. This financial boost enables WOO X to introduce traders to GMCI’s MEME index. Notable meme coins like SHIB, PEPE, and DOGE are part of the MEME index. Furthermore, the L2 index keeps track of scaling tokens such as MATIC, IMX, and OP. (Paraphrased version)

Indices are widely used financial instruments in the conventional finance sector, including the Chicago Mercantile Exchange, S&P Futures, and Nasdaq Futures. These indices give traders access to an entire market. Notably, new offerings are set to join this lineup soon: copy trading options and U.S. Treasury Bills based on on-chain transactions, according to Willy Chuang, COO of WOO X.

“Chuang mentioned in an interview that the unpredictable nature of cryptocurrencies has seen them shift from advanced tech like AI, to more trend-driven coins based on memes and layer 2s. He acknowledged the difficulty for individual traders to stay informed and identify profitable tokens in this rapidly changing market.”

Instead of investing all their funds in a single asset during uncertain markets, they now have the flexibility to distribute their investments across various sectors. Additionally, our upcoming copy trading feature is expected to accelerate acceptance and broaden understanding within the traditional investment community.

Evgeny Gaevoy, the founder and CEO of Wintermute, expressed that the WOO X index offerings can help retail and experienced investors design intricate investment plans.

CoinDesk also has a long history in the crypto indices space.

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2024-04-10 12:23