Wintermute

Wintermute set out to bring the technology standards of traditional high-frequency trading into crypto, and built a business as the liquidity partner token issuers and DeFi protocols call first. Evgeny Gaevoy founded it in London in 2017. It makes markets on its own capital, quoting both sides across centralized exchanges, decentralized venues and an OTC desk for size.

The edge is range and plumbing: liquidity in a very wide span of digital assets, on a multi-language low-latency stack adapted from the HFT playbook, trading on-chain as fluently as on exchange. Gaevoy is one of the more visible public voices on crypto market structure. London holds the engineering core, with Singapore covering Asia and a New York office added in 2025.