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Crypto market maker Wintermute launches US broker-dealer
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Crypto market maker Wintermute has taken a major step into traditional finance by registering its US affiliate as a broker-dealer. The announcement on Thursday revealed that Wintermute USA LLC has been registered with the US Securities and Exchange Commission and the Financial Industry Regulatory Authority. This move enables the firm to trade stocks and stock options while also serving as an authorized participant for exchange-traded products.
Wintermute is one of the largest crypto market makers, providing liquidity across numerous digital asset exchanges. The company's expansion into broker-dealer operations signals a growing trend of crypto-native firms entering regulated financial markets. By registering with the SEC and FINRA, Wintermute USA can now operate within the traditional securities ecosystem.
The registration allows Wintermute USA to act as an authorized participant for ETFs, including those tied to digital assets. Authorized participants are essential to the ETF creation and redemption process, facilitating capital market liquidity. This capability positions Wintermute to bridge the gap between digital and traditional investment products.
The move is strategically timed as the US market for tokenized securities begins to emerge. Wintermute said the registration allows the firm to position itself for the growth of tokenized securities, which are traditional assets represented on a blockchain. This could lead to greater integration between crypto markets and mainstream finance, as well as new opportunities for institutional investors.
Wintermute founder and CEO Evgeny Gaevoy expressed conviction that digital asset markets will evolve in multiple directions. He stated that digital assets and traditional finance will continue to develop in parallel, intersect, and ultimately integrate more deeply. Gaevoy added that firms with technical and operational expertise in both realms will succeed as the landscape evolves.
The broker-dealer registration may allow Wintermute to expand its services beyond crypto trading, potentially offering more comprehensive financial solutions. As tokenized securities gain traction, the firm could play a key role in facilitating their trading and liquidity. This development also highlights a broader trend of regulatory acceptance and institutional adoption of digital assets.
