Wintermute Ventures
Wintermute Ventures is the venture arm of Wintermute, a London-based digital asset trading and liquidity firm, investing proprietary capital in early-stage DeFi and crypto startups across 100+ portfolio companies alongside operating liquidity, OTC, and DeFi market-making services.
- Company typePrivate
- Founded2017
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Wintermute Ventures does
Wintermute Ventures is the strategic investment arm of Wintermute, a privately held digital asset trading and liquidity firm founded in 2017 by former Optiver executives Evgeny Gaevoy and Yoann Turpin. The parent firm operates as one of the largest crypto trading firms across both centralized and centralized venues, providing OTC trading in spot, options, forwards, CFDs, and bespoke derivatives; algorithmic market-making on CeFi and DeFi venues; deep liquidity provisioning for token issuers; and DeFi-native activities including AMM provision, RFQ, liquidation backstopping, DEX order-book liquidity, and DAO governance. Distribution runs through direct chat-based OTC relationships (Telegram, Bloomberg IB, Slack), the proprietary NODE institutional platform, FIX API connectivity, and partnerships with prime brokers and execution platforms (Talos, oneZero, Hidden Road, Elwood, CME, Eurex, Paradigm, Deribit). Wintermute Ventures, established in 2020, invests proprietary capital in early-stage DeFi and crypto startups from pre-seed through Series A, deploying $0.5M to $5M+ per deal across 100+ portfolio companies and supporting them with 55+ operational integrations. Recent product and geographic expansion — including a U.S. broker-dealer (2026-08), 24/7 crude oil CFDs (2026-03), equity CFDs (2026-06), and entry into prediction markets — extends the firm beyond pure crypto into adjacent traditional-finance derivatives venues under a multi-jurisdiction regulatory footprint (UK FCA FRN:928764, Singapore, U.S.).
Wintermute Ventures firmographics
Firmographics- Name
- Wintermute Ventures
- Legal name
- Wintermute Trading Ltd.
- Website
- https://wintermute.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Wintermute Ventures is the venture arm of Wintermute, a London-based digital asset trading and liquidity firm, investing proprietary capital in early-stage DeFi and crypto startups across 100+ portfolio companies alongside operating liquidity, OTC, and DeFi market-making services.
- Ownership category
- akta.pro rank
Wintermute Ventures industry classification
Industry- Product category
- Digital Asset Trading and Liquidity
- NAICS
- Investment Banking and Securities Intermediation (523150), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Derivatives, Perpetuals & Options Protocols (FSADAMAC)
- akta.pro secondary industries
- DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD), On-Chain Limit Orders & Algorithmic Execution (FSADABAJ), Liquidations, Insurance Funds & Backstop Liquidity Mechanisms (FSADAGAL), Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)
Keywords
Where Wintermute Ventures is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Wintermute Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- OTC Trading Spreads and Fees: Wintermute generates revenue primarily through bid-ask spreads and fees on OTC spot and derivatives trading (options, forwards, CFDs, tailored products). The OTC desk sits at the source of liquidity, enabling competitive pricing across hundreds of tokens.
- Algorithmic Trading (Proprietary): Wintermute trades using proprietary capital across CeFi and DeFi venues, generating returns through market-making spreads, arbitrage strategies (including ML and quant-driven signals), and cross-venue transfers.
- Token Liquidity Provisioning: Providing liquidity for token issuers on DEX and CEX, creating liquid markets for portfolio company tokens and generating revenue through spreads and fees.
- Venture Investment Returns: Wintermute Ventures invests proprietary capital in early-stage DeFi and crypto startups. Returns come from token and equity appreciation, realized through token sales, equity exits, and liquidity events. Investments are made via SAFTs, SAFEs, token warrants, convertible notes, and direct equity.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | OTC Spot Trading |
| Transaction based/ take rate | Pay-as-you-go | CFD Trading |
| Transaction based/ take rate | Pay-as-you-go | Options Trading |
| Other | Multi-year contract | Venture Investment (Seed/Series A) |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
Wintermute Ventures product offering
Product offeringCore offering
Wintermute Ventures is the strategic investment arm of Wintermute, deploying proprietary capital in early-stage DeFi and crypto startups globally from pre-seed through Series A stages, with check sizes ranging from $0.5M to $5M+ executed via SAFEs, SAFTs, token warrants, convertible notes, and direct equity. Portfolio companies receive hands-on operational support including trading integrations, liquidity provisioning, DeFi protocol design, and governance participation, backed by Wintermute's proprietary algorithmic trading infrastructure spanning CeFi and DeFi venues.
Product overview
Wintermute is a digital asset trading and liquidity firm operating as a platform-plus-modules architecture. The core offering is an OTC Trading Desk providing institutional-grade liquidity across spot, options, forwards, CFDs, and fully tailored derivatives, accessible via the proprietary NODE platform (covering pre- and post-trade operations, financing, and insights), the FIX API (programmatic liquidity), and direct chat trading. Supporting this, Wintermute provides Liquidity Provision services for token issuers, an Algorithmic Trading engine operating across CeFi and DeFi venues, and a comprehensive DeFi Suite covering AMM, RFQ, liquidation, and governance participation. The venture investment arm, Wintermute Ventures, invests proprietary capital in early-stage crypto startups globally and has built a portfolio of 100+ companies. Recent expansions include a U.S. Broker-Dealer, 24/7 Crude Oil CFDs via the Asia desk, Equity CFD trading, and NODE Insights providing integrated market research.
Differentiator
Problem solved
Functional benefit
Brands
- NODE: Institutional gateway platform providing end-to-end tools for trading crypto spot and derivatives, operations, data and analytics, financing, onboarding, and market insights.
- Wintermute API
Products and services
- Wintermute Ventures
- OTC Trading Desk
Quantifiable outcome
- Zero fees or commission on OTC trading
- +3 more outcomes
Companies that use Wintermute Ventures
Customer profileNamed customers7 records
Segments6 records
Ideal customer profiles2 records
Wintermute Ventures technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration46 records
AI capability6 records
Feature7 records
Wintermute Ventures partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core.
- CME GroupcoreWintermute integrates with CME for options trading (bilateral and exchange-cleared), algorithmic trading on CME venues, and provides liquidity to CME's institutional client base. Partnership enables institutional clients to access Wintermute pricing through CME infrastructure.
- EurexcoreWintermute provides institutional options liquidity through Eurex exchange-cleared structures, enabling European institutional clients to access Wintermute pricing and risk management through Eurex's regulated derivatives infrastructure.
- ParadigmcoreParadigm serves as a liquidity venue for Wintermute's bespoke bilateral and structured options, providing a platform for institutional options block trading and RFQ.
- DeribitcoreWintermute trades options via Deribit exchange and provides algorithmic trading liquidity on Deribit, one of the largest crypto derivatives exchanges by open interest and volume.
- TaloscoreTalos provides institutional digital asset trading infrastructure. Wintermute serves as a liquidity provider through Talos's platform, enabling Talos's network of banks and institutions to access Wintermute's deep spot liquidity across 350+ trading pairs.
- oneZerocoreWintermute integrated its spot and CFD liquidity into oneZero's ecosystem, extending access to oneZero's vast network of traditional banks and institutions for 350+ crypto trading pairs.
- CoinbasecoreWintermute provides liquidity for Coinbase-listed tokens and integrates with Coinbase as a key CeFi exchange partner for spot trading and market making across major and alt-coin pairs.
- Hidden RoadcoreHidden Road is a prime brokerage and institutional execution platform. Wintermute provides institutional spot liquidity through Hidden Road's network, and participates as a liquidity provider for tokenized assets and settlement services.
- ElwoodcoreElwood is an institutional digital asset trading platform. Wintermute provides deep spot liquidity to Elwood's institutional client base across major and alt-coin pairs.
- UniswapcoreWintermute is a key liquidity provider (PMM) on Uniswap, one of the largest AMMs on Ethereum and other chains. Wintermute provides deep pool liquidity to keep prices aligned with broader markets, supporting both major tokens and long-tail assets.
- HyperliquidcoreWintermute provides liquidity across Hyperliquid's on-chain and off-chain order books as a DEX order book liquidity provider. Wintermute is also a strategic investor in the Hyperliquid ecosystem (Based App), supporting builders generating fees through the 'builder layer' strategy.
- Vertex ProtocolcoreWintermute provides liquidity across Vertex Protocol's DEX order books, supporting the platform's spot and perpetuals trading venues with deep liquidity across major and alt-coin pairs.
- BackpackcoreWintermute provides liquidity across Backpack Exchange's order books, supporting the FTX-linked exchange's institutional trading venue with deep spot liquidity.
- AavecoreWintermute participates in Aave's liquidation mechanism, backstopping bad debt and maintaining protocol stability during market volatility across Aave V2 and V3 deployments on Ethereum and other chains.
- 1inchcoreWintermute integrated with 1inch as a PMM (Proactive Market Maker) providing additional trading volume and supporting initial growth liquidity for the aggregator. Wintermute was an early supporter of 1inch's ecosystem.
- KrakencoreWintermute is a liquidity partner on Kraken exchange, providing deep spot liquidity across major and alt-coin pairs, and supporting the exchange's institutional-grade trading infrastructure.
- JupitercoreWintermute provides RFQ-based liquidity on Jupiter's Solana-based DEX aggregator, enabling optimal price execution through peer-to-peer liquidity provision for traders on the Jupiter platform.
- Cow (CoW Protocol)coreWintermute provides RFQ liquidity on CoW Protocol, enabling optimal price execution for solvers and traders through peer-to-peer settlement with MEV protection.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Wintermute Ventures competitors and assessment
Company assessmentDirect peers
- B2C2: B2C2 is one of the largest institutional crypto OTC and liquidity providers, founded in 2015. It offers similar 24/7 OTC trading, options, and lending services to a comparable buy-side institutional client base, making it the closest direct competitor to Wintermute's OTC franchise.
- Cumberland DRW: Cumberland is DRW's institutional crypto trading arm offering OTC liquidity, derivatives, and structured products across hundreds of tokens to a similar institutional client base. Direct competitor in institutional crypto OTC and algorithmic market making.
- Galaxy Digital: Galaxy Digital operates institutional crypto trading, asset management, ventures (Galaxy Ventures), and mining businesses. Direct competitor across crypto OTC, derivatives, and venture investing; publicly listed, providing a useful scale benchmark.
- GSR Markets: GSR is a crypto-native market maker and OTC provider offering spot, options, and DeFi liquidity across CEXs and DEXs. Closely comparable trading model and customer segments to Wintermute, including token liquidity provisioning for issuers.
- Keyrock: Keyrock is a Brussels-based institutional crypto market maker providing OTC, options, and DeFi liquidity. Directly comparable to Wintermute in CeFi/DeFi market making and algorithmic trading across major venues.
- Jump Crypto: Jump Crypto is the digital assets arm of Jump Trading, providing proprietary trading, market making, and venture investing. Comparable algorithmic HFT heritage and CeFi/DeFi execution capabilities; co-led Ostium's Series A along with Wintermute Ventures.
- Amber Group: Amber Group is a global crypto trading and liquidity provider offering OTC, options, structured products, and asset management. Comparable institutional OTC franchise across spot, derivatives, and DeFi yield strategies.
- FalconX: FalconX is an institutional crypto prime brokerage offering trading, credit, and custody to buy-side firms. Comparable institutional client base and trading services; serves as both a partner (Wintermute provides FIX liquidity to its network) and competitor.
Broad incumbents
- Flow Traders: Flow Traders is a publicly listed Dutch liquidity provider specializing in ETFs and other exchange-traded products, with crypto expansion. Comparable ethos as a listed HFT market-making firm, providing a benchmark for institutional liquidity provision at scale.
Others
- Optiver: Optiver is a global proprietary trading firm and Wintermute founders' prior employer (Evgeny Gaevoy built and ran Optiver's European ETF business; Yoann Turpin was an HFT trader). Closest analog for the algorithmic trading DNA that underpins Wintermute's edge.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks7 records
Key highlights7 records
Customer concentration
Wintermute Ventures social profiles
Digital presenceWintermute Ventures compliance and trust
Trust signalCompliance1 record
Wintermute Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wintermute Ventures leadership team
Management profileNumber of profiles
Profiles6 records
Wintermute Ventures subsidiaries and ownership
Company hierarchySubsidiaries1 record
Wintermute Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wintermute Ventures M&A and investment
M&A and investmentM&A
Investments124 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wintermute Ventures
What does Wintermute Ventures do?
Wintermute Ventures is the strategic investment arm of Wintermute, deploying proprietary capital in early-stage DeFi and crypto startups globally from pre-seed through Series A stages, with check sizes ranging from $0.5M to $5M+ executed via SAFEs, SAFTs, token warrants, convertible notes, and direct equity. Portfolio companies receive hands-on operational support including trading integrations, liquidity provisioning, DeFi protocol design, and governance participation, backed by Wintermute's proprietary algorithmic trading infrastructure spanning CeFi and DeFi venues.
Is Wintermute Ventures a public or private company?
Wintermute Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Wintermute Ventures founded?
Wintermute Ventures was founded in 2017. It employs 1 to 10 people.
Where is Wintermute Ventures based?
Wintermute Ventures is headquartered in London, United Kingdom, in the Europe region.
How does Wintermute Ventures make money?
Four revenue lines are on record. OTC Trading Spreads and Fees are the primary driver. The others are algorithmic Trading (Proprietary), token Liquidity Provisioning and venture Investment Returns.
Who are Wintermute Ventures's main competitors?
Direct peers on record are B2C2, Cumberland DRW, Galaxy Digital, GSR Markets, Keyrock, Jump Crypto, Amber Group and FalconX. Flow Traders is listed as a broad incumbent. Optiver is listed as an others.
Does Wintermute Ventures have an API?
Yes. Wintermute offers institutional API liquidity connectivity via industry-standard FIX APIs for programmatic liquidity access, market data, and reporting tools. The API enables fast pricing across hundreds of digital assets including stablecoins, multiple fiat, and crypto cross-pairs. Execution methods include market data streaming and RFQ with 2-way quotes and custom quote hold times. Trade management includes real-time trade history, balances, positions, and credit utilization visibility. The API supports spot and CFD trading with flexible settlement.
What industry is Wintermute Ventures in?
Wintermute Ventures's product category is Digital Asset Trading and Liquidity. Its primary akta.pro industry code is FSADAMAC, Derivatives, Perpetuals & Options Protocols, with a secondary code of FSAPAEAD, DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading). Its NAICS code is 523150 and its SIC code is 6200.