MAHÉ, Seychelles, March 04, 2024 (GLOBE NEWSWIRE) -- WOO X, a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution, is pleased to announce the expansion of the designated market maker (DMM) program to spot markets.
This strategic enhancement, coupled with a revamp of its business model, is a testament to WOO X's commitment to providing unparalleled trading experiences for its users. WOO X efforts are aimed at achieving a 100% custody ratio by the end of Q2 2024, a step forward in the dedication to security and transparency.
Bryan Chu, Chief Product Officer at WOO X said: "By expanding our DMM program and completing our business model transition, we're not only responding to the market's demands but also providing a solid foundation for increased volume and user activity. This initiative is pivotal in our mission to offer the most competitive and secure trading environment in the industry."
Ben Yorke, VP of Ecosystem at WOO X said: "The integration of additional market makers and the transition to a more dynamic liquidity model are crucial for our growth and the overall enhancement of the trading experience. Since Q4 of 2023, we’ve doubled our market share and set new benchmarks for growth, which is a testament to how existing changes are being perceived by users. These are trends we intend to continue, particularly given the strength of the overall market and a lack of transparent, compliant venues for traders to take advantage of."
As WOO X introduces a new dual-tier fee model and removes the Zero Fee Zone, its commitment to improving liquidity, reducing counterparty risk, and increasing transparency remains unwavering. These changes, effective from March 5, 2024, will ensure WOO X users benefit from reduced trading fees, better trading conditions, and a suite of innovative products.
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About WOO X
WOO X is a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution. WOO X has an average daily volume exceeding $600 million and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company's mission to maintain the trust of its growing community of traders.
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