WOO X eyes NFT resurgence, partners with NFT algo market-maker Protecc Labs
The tie-up aims to diversify WOO's partners and foray into non-fungible assets
WOO X has expanded its partner market-makers by partnering with Protecc Labs, specializing in algorithmic liquidity for NFTs. The collaboration allows Protecc Labs to benefit from WOO's expertise in visual asset trading while WOO broadens its knowledge base on non-fungible tokens (NFTs).
“We're constantly in search of pioneering collaborators to enhance our offerings for our customers and we're thrilled to partner with Protecc, an exceptionally talented and innovative team. While we've previously partnered with NFT-related projects, it's refreshing to witness a market maker like Protecc focus specifically on NFTs. Protecc will primarily be a market maker on WOO X, but we will leverage their knowledge pool as we delve deeper into the NFT segment, particularly given the resurgence in the broader blockchain market," explained Ben Yorke, WOO's VP of Ecosystem.
"We've always been attracted to WOO for their innovation in the CeFi and DeFi space, and particularly admire their transparency with WOO X and WOOFi. We're thrilled to further extend our collaboration beyond market-making, as we believe our synergy can create a positive environment for both businesses and communities," Protecc Labs said in a statement.
WOO X has actively recruited 20+ prominent market makers and introduced a sustainable business model revamp to diversify its liquidity sources. As a result, designated market makers now contribute between 60% to 70% of the platform's futures volumes. Among the latest market makers to join WOO X is Wintermute, a prominent algorithmic trading firm and digital asset liquidity provider with a track record boasting over $3.6 trillion in cumulative trading volumes.
About Protecc Labs
Protect Labs is a dedicated ecosystem partner and market maker specifically focused on bolstering NFT liquidity and facilitating growth operations through a variety of NFT financialization protocols. Protecc aims to be the go-to liquidity provider in the NFT Landscape. We’re here to Protecc floors and grow a healthy NFT ecosystem while bringing in much-needed liquidity to the NFT Finance or “MetaFi” vertical.
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