Wootrade to back Algorand in the pursuit of their vision for ‘FutureFi’
Wootrade will provide liquidity support for both the ALGO token and assets on the Algorand mainnet.
Driven by the goal to create the deepest liquidity network, Wootrade is working to bridge ties to the Algorand ecosystem and community. As a first step, Wootrade will list ALGO on the Wootrade network, enhancing the liquidity for traders on WOO X and more than 15 other exchanges, institutions, and trading platforms.
Algorand is the only blockchain protocol other than Ethereum to have support for both USDT and USDC. In the upcoming weeks, WOO X will begin accepting both USDT and USDC deposits on the Algorand blockchain, providing faster confirmations and cheaper transaction fees for traders looking to transfer assets between accounts.
In the DeFi space, Wootrade has been actively providing on-chain liquidity to trading platforms looking to reduce fees and slippage. They accomplish this via a high-frequency price oracle linked to institutional market-making strategies, giving traders a more consistently accurate price. This allows the DeFi trading experience to more closely resemble centralized exchanges, opening the door for wider institutional and retail adoption. Both Wootrade and Algorand are looking to replicate these solutions on the Algorand mainnet, connecting Wootrade’s liquidity to one of the fastest-growing digital asset ecosystems.
What is Algorand?
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for decentralized finance (DeFi), financial institutions, and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next-generation financial products, protocols, and exchange of value. For more information, visit www.algorand.com
What is Wootrade?
The Wootrade Network combines global liquidity and top market-makers to provide ultimate liquidity for exchanges, wallets, DeFi platforms, and large traders. Wootrade was founded by Kronos Research, one of the top market makers and quantitative trading firms in the world, which process more than $5 billion in trading volume per day.
Wootrade’s trading platform, known as WOO X (Beta version), was recently released on x.woo.network, empowering users with a zero-fee trading model. Wootrade is building a diverse product set that touches both CeFi and DeFi verticals, including trading platforms, pricing oracles, investment products, social trading, and other functionality that will augment use cases for the WOO token.
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