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Snapchat Investor Funds Cryptocurrency Market Maker In Series A Fundraise

Wintermute, a digital asset market maker has raised slightly less than three million USD in a Series A funding round.

The funding is led by Lightspeed Venture Partners, which is a Silicon Valley based VC firm known for being an early investor in Snapchat. The market maker will use the funds to proliferate its business into OTC trading and the virtual currency derivatives market.

Notably, the market maker is based out of London. The firm declared on Tuesday that the close of the multi-million dollars raise exclusively to The Block. The firm mentioned that the latest capital boost will support it in continuing to offer liquidity in new bourses and financial products across the non-custodial and centralized digital asset exchange domain. According to crypto media oultlet The Block, the market maker earlier raised a 7-figure amount in a seed round in the month of February.

It is to be noted that Lightspeed is the only investor in the present funding round. The VC firm was founded in the year 2000. The renowned VC beforehand invested in crypto wallet Blockchain.com and Remittance service provider Ripple.

In the imminent future, further disintegration in the virtual currency exchange landscape could serve as a heavy positive force which might help market makers like Wintermute flourish further.