Wintermute, a prominent figure in digital asset market making, is aiming to establish its U.S. foothold establish a presence with a new base of operations in the bustling global business epicenter of New York City.
This company has already launched operations in major centers such as London and Singapore.
Speaking with Bloomberg on Feb. 19 While speaking at the Consensus 2025 event, CEO Evgeny Gaevoy pointed out that the anticipated positive crypto regulations under Trump’s leadership are a major impetus behind their expansion plans.
Changing The Game
According to Gaevoy, the newly established administration might dismiss numerous allegations against various crypto protocols, positioning the U.S. to potentially become a leading force in cryptocurrency regulation that could steer global policy.
Wintermute’s immediate goal in their U.S. expansion is to dive into over-the-counter products, especially focusing on derivatives.
This year, they are keenly working towards setting up shop in New York with a start-up team of about five to ten, steering primarily towards business growth and operational frameworks. Gaevoy clarified that there doesn’t seem to be any rush towards trading pursuits in the U.S. right now.
“Our aim is to grow our presence in the U.S. by broadening our OTC services, and that includes extending into derivatives on the OTC spectrum,” he explained.
During his address, the head of this market-making giant also touched on the meme coin trend, describing it as a significant burden on the crypto market. He suggested that meme tokens siphon liquidity from more established ventures, mentioning the Trump token as a case in point.
He further explained that the introduction of new tokens often triggers a substantial selling off of other meme coins, presenting challenges for the broader digital currency market. Despite this, Gaevoy noted that these price dips in new tokens reflect natural market cycles, not actions by entities like Wintermute.
In the recent past, the company faced close scrutiny following a notable market slump on February 3rd, linked to Trump’s proposed trade duties.
This downturn spurred vast liquidations across the crypto realm, with losses from $2 billion estimated to surpass $10 billion across trading platforms. During that period, Bitcoin plunged to roughly $91,300, while many altcoins witnessed declines in double digits.
Still A New Market
Some traders and investors in the crypto space held Wintermute, among others, partly accountable for these crashes. Allegations surfaced suggesting that Wintermute, in its role as a market maker, could have engaged in activities exacerbating the market plunge, possibly to benefit from resultant liquidations.
In his defense, Gaevoy attributed these market tremors to factors outside the crypto domain, like shifts in U.S. policies rather than any deliberate manipulations internally. Gaevoy pointed out that events in traditional finance had direct repercussions on the crypto scene.
Under mounting regulatory scrutiny, the company temporarily changed its trajectory towards Asian markets, as shared by Wintermute’s co-founder, Yoann Turpin, with Bloomberg. Nations such as Hong Kong, Singapore, and Dubai have rolled out favorable crypto laws, creating more inviting conditions for digital asset companies.
Now, with Trump back in leadership, the U.S. Congress has evolved into one of the most pro-crypto in history. In light of this, Wintermute is keenly observing potential growth in the U.S. market.
Wintermute isn’t alone; various industry players are also targeting this powerhouse market.
Tether is Deep
Recently, Tether’s CEO, Paolo Ardoino, stated that the company is intent on broadening its U.S. footprint, though it’s taking a careful path due to the present regulatory ambiguity.
Tether has transferred its main operations to El Salvador. Nonetheless, updates hint that the U.S. still remains on their radar. Ardoino was reportedly in discussions directly with Congress members to shape a regulatory landscape more amenable to stablecoins.
In another strategic move, the TON Foundation recently appointed Manuel Stotz as its president to enhance its presence in the American market. They anticipate supportive crypto policies with Trump possibly back in office.
The foundation aims to utilize these potential policies, like a suggested national Bitcoin reserve, to help position the U.S. as a leader in the realm of digital assets.
