WOO X Taps Wintermute and GMCI for Index Perpetual Contracts

WOO X forges a strategic partnership to launch index perpetual contracts covering meme tokens, L2s, and the top 30 cryptos.

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  • WOO X announced a strategic partnership on Wednesday.
  • The crypto trading platform launched new index perpetual contracts following the partnership.
  • The contracts track the overall performance of three key segments.

The crypto trading platform WOO X has announced a new partnership with Wintermute and GMCI to launch three types of perpetual index contracts linked to L2 tokens, memecoins, and the top 30 cryptocurrencies.

Index perpetual contracts feature products tied to the performance of a basket of assets. They allow traders to speculate on the overall performance of a segment of the industry rather than individual underlying crypto assets.

WOO X Debuts Three Index Perpetual Contracts  

Following the strategic partnership with market maker Wintermute and indices provider GMCI, WOO X unveiled GMCI 30 (GM30-PERP), GMCI Meme (MEMES-PERP), and GMCI L2 (L2-PERP) as the three index perpetual contracts, each with its unique thematic focus.

Sponsored

GMCI’s flagship index, the GMCI 30, covers the top 30 cryptocurrencies across all sectors by market capitalization, while the GMCI Meme offers a thematic index focusing on popular meme tokens.

The last index of the three, GMCI L2, is dedicated to tracking the top Layer 2 scaling solutions. It allows traders to get exposure to a range of L2s while minimizing individual token volatility.  

WOO X COO Willy Chuang underscored the launch’s importance, noting that introducing index perpetual contracts goes beyond offering new trading instruments.

Sponsored

“It's about enriching the trading ecosystem with diversified, strategic products for our users. Our collaboration with Wintermute and GMCI is a testament to our dedication to pushing the boundaries of what's possible in the crypto market,” Chuang said in a statement.

Per the statement, Wintermute will leverage its extensive expertise in algorithmic and high-frequency trading to provide deep liquidity for the GMCI 30 Index Perpetual Contracts and ensure the reliability and stability of market access.

Read about Wintermute’s record-breaking weekly OTC trade volume:
Wintermute’s Weekly OTC Trade Volume Peaked at $2B in 2023

Stay updated on Binance’s hunt for global HQ:
Binance Hunts for Global HQ in Symbolic Operational Shift

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      This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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      Brian Danga
      Brian Danga

      Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.