Bloomberg: Wintermute negotiates with investors including Tencent for fundraising

Crypto market maker Wintermute is negotiating with investors including Tencent to raise $200 million to $300 million at a valuation of about $2 billion, Bloomberg reported, citing sources familiar with the matter. If the deal is finalized, it would be one of the largest crypto venture capital deals so far this year. Currently, Wintermute serves as a market maker for more than 50 platforms including Binance, Bybit and Coinbase, with nearly $5 trillion in cumulative trading volume. The firm has also engaged in over 100 venture capital investments.