Algorithmic
trading firm Wintermute has established its U.S. headquarters in New York City
and appointed Ron Hammond, former Senior Director at the Blockchain
Association, as Head of Policy and Advocacy, the company announced today (Thursday)
Wintermute Establishes New
York Headquarters
Wintermute’s
expansion into the U.S. market comes as the firm cites improved regulatory
conditions for digital assets as a factor in its timing.
“As
the U.S. policy towards digital assets and blockchain innovation has become
friendlier, we were determined to act fast and establish roots in the financial
capital of the world,” said Wintermute CEO
Evgeny Gaevoy in a statement.
Gaevoy refers
to the more pro-cryptocurrency
approach of the current administration under Donald Trump: both
the SEC and CFTC, after years of strict crackdowns, are now viewing the
digital asset market much more leniently.
The New
York office will serve as the cornerstone of Wintermute’s U.S. operations,
allowing the firm to develop closer relationships with American counterparties
and partners. The company, which reports an average daily trading volume
exceeding $15 billion, provides liquidity across more than 60 centralized and
decentralized exchanges.
“We’re
eager to continue our growth and play an integral role in the U.S. market. As a
neutral player with deep expertise in all areas of digital assets, we believe
we are well-positioned to lend our expertise on Capitol Hill, which we have
done recently in our meeting with the SEC Crypto Task Force,” Gaevoy added.
Hammond Hire Brings
Capitol Hill Experience
Hammond
brings nearly a decade of regulatory experience to his new role, having
previously served as the Senior Director of Government Relations and
Institutional Engagement at the Blockchain Association since July 2020. His
background includes positions at Ripple and as Financial Services Policy Lead
for Congressman Warren Davidson of Ohio, where he began working on
cryptocurrency legislation in 2016.
“With
the regulatory climate in the U.S. becoming more constructive, we see
tremendous opportunity to foster responsible innovation and deepen engagement
with policymakers and industry stakeholders,” Hammond said. “I’m eager to
work alongside the Wintermute team as it forges a new path in America.”
In his new
position, Hammond will lead Wintermute’s policy engagement in the United
States, working with regulators and industry stakeholders at both federal and
state levels. His responsibilities will include providing technical input on
legislation, contributing policy ideas, and coordinating responses to emerging
proposals.
Building on Recent Growth
The U.S.
expansion follows a period of significant growth for Wintermute. In January,
the company reported
a 313% year-over-year increase in over-the-counter (OTC) trading volumes for
2024, substantially outpacing the broader crypto exchange market’s 142%
growth. The firm reached a milestone in November 2024 when its single-day OTC
spot volume hit $2.24 billion.
Wintermute
has also been expanding its institutional partnerships. In December 2024, the
company began providing 24/7 OTC trading support
for BlackRock’s USD Institutional Digital Liquidity Fund. A month earlier,
it completed its first Request for Quote trade on
Finery Markets’ institutional crypto trading platform, establishing a
hybrid trading model for institutional clients.
The firm is
currently expanding its U.S. team beyond Hammond’s appointment, with ongoing
hiring across business development, partnerships, and other functions.
This article was written by Damian Chmiel at www.financemagnates.com.
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