Wootrade AMA with Wolf Crypto
We held an AMA with Wootrade in our public Telegram channel on October 7th.
Wootrade is a darkpool trading platform that offers significantly above-average liquidity, tighter spreads than the major exchanges, and zero (or even negative) fees. It is the beginning of a self proclaimed “reinvention in cryptocurrency trading” which will finally create an efficient and high-performance marketplace.
While cryptocurrency trading has matured quickly over the last decade, liquidity is still segmented among disparate liquidity pools, transaction costs remain high, and manipulative trading practices are seemingly ubiquitous. This is in contrast to established stock and futures markets where trading costs are in a race to the bottom — for fees, spreads, and all other hidden costs.
Wootrade solves the liquidity, cost, and adverse selection issues of cryptocurrency trading for exchanges, institutions, and (eventually) retail traders through the use of redesigned incentive
mechanics. Wootrade understands that efficient markets are built on an equilibrium of economic incentives and have designed a system in which both sides of the trade are mutually better off.
By leveraging the platform’s native token WOO, Wootrade incentivizes liquidity providers to compete on prices and spreads, improving the economics and experience for traders. Rather than placing an importance on volume, Wootrade aims to make “execution quality” a principal benchmark.
WOO is the native token of the Wootrade network and is a capped-supply token with a supply of 3 billion tokens. WOO will be utilized in decentralized governance of the platform and serves as the unifying force for all services provided by the platform. WOO can be used in staking / mining incentive mechanisms to incentivize improved liquidity and flow and can also be staked to access and to decrease fees paid to trading teams in asset management products.
WOO can also be used as collateral on Wootrade to trade spot / futures and amassed by B2B clients to apply for Prime node status. The WOO governance framework will also involve staking tokens to accrue voting points.
You can learn more about Wootrade here —
You can also visit the Wootrade Telegram channel or the Wootrade website for further details.
Here’s what Wootrade’s Co-founder Jack Tan had to say in the AMA.*
*This AMA has been edited for clarity.
WC (Wolf Crypto Telegram Member)
INTRODUCTION
Welcome to another edition of Wolf Crypto AMA…yet another big week of AMA’s here at Wolf Crypto!
Today we have Jack Tan from Wootrade joining us!
TEAM & TEAM GOALS
WC
Jack, it’s our pleasure to have you here today!
Before we get into the crux of Wootrade how about some details on your long and illustrious time spent behind the scenes in the crypto space powering some of the exchanges and tokens we’ve all traded on and with along the way?
JT
Thanks Winston, it’s a pleasure to be here with all of you Wolf fans!
Well more likely than not, we’ve crossed paths on the order books of the world’s largest exchanges such as Binance and Huobi, via our support of the liquidity there, by trading more than $1Bn USD a day.
We got started originally with a quantitative trading firm called Kronos Research which uses mathematical models and machine learning to predict very short term moves in asset prices which can be applied to all assets, not just crypto. This quickly became a very profitable business and our team grew from 2 to 40+.
I guess starting our first company was not painful enough so we decided to start Wootrade to resolve some of the inequalities we see in the world…many of which can be solved by using blockchain, crypto and trading technology.
The Internet destroyed all barriers for communication globally and we believe blockchain will soon do the same for financial markets and opportunities.
WC
Thank you for the intro, could you also give us some background on some of the team members who aren’t joining us today?
JT
Sure.
My co-founder Mark’s background —
Mark started his career in Citadel Investment Group’s High Frequency Trading unit in 2006. He then went on to lead Knight Capital’s electronic market development group, now a part of Virtu, where his team operated the largest dark pool in the United States and Europe during that time.
Wootrade’s COO Ran —
Ran has 14 years of experience in global asset management. Having seeded top quantitative funds since 2014, he deeply enjoys working with talented individuals and building long term partnerships. Ran started his career at Freddie Mac and Strategic Investment Group
I met both of them at Carnegie Mellon University in 2002 so we’ve known each other for quite a long time. I started trading equities at age 14 and worked at BNP Paribas and Deutsche Bank for more than a decade after.
WC
It seems with have the lovely Audrey here as well…Audrey, I believe we saw your intro earlier today, but I’ll re-post it now for those who missed it!
Jack, trading equities at age 14, is that legal? Haha!
What era was that, pre or post GFC?
JT
Pre. I’m in my mid 30’s, as for the legality, I’m not sure but crypto would be legal for a 14 year old today and I’m pretty sure I would have traded shitcoins back then if they existed!
WC
So based off those intros, it seems impossible to talk about Wootrade without talking about Kronos Research…
How about you give me the full low down and if you’re feeling kind enough, perhaps some of the industry secrets, that comes from running one of the biggest market makers in crypto?
Based off the above, I assume it involves a lot of math!
JT
The full lowdown would get me killed by my co-founder Mark.
Firstly, some stats on Kronos Research —
We trade > $30b USD a month and have a team of 40+ people.
What I can disclose is that it’s very very difficult. So many things can go wrong and we got lucky more than a few times which allowed us to plug holes and beef up our technology and trading strategies. Honestly we were also lucky to have a great core team from the start which allowed our culture to scale more easily as our numbers and locations grew.
So I think yes, the tech and trading aspects are challenging and you have to execute very well, but the management, leadership, culture and hiring equally so.
That in short is the secret sauce — sorry I can’t be more specific haha!
WC
I think that rings true of any good company to be honest, people still have to tell the machines what to do…before Skynet becomes a thing at least!
So you probably can’t tell me some of the clients you’ve worked with but in lieu of that can you tell me some of the exchanges Kronos Research has integrated with as part of the development of that product?
JT
I can actually. It was ridiculously tough to onboard the first customer because instead of us trusting exchanges, the reverse had to happen, they are required to put full collateral on Wootrade in order to boost their liquidity.
One great example would be Hoo.com —
That’s their order book, it used to be have $5–10 spreads and now it’s 1c…It used to have no depth and now there’s obviously a lot more!
WC
Can I introduce you to Bitmax at all, they might need some help like that too, there are some savage spreads there!
You’ve got to love sites like CoinGecko giving that kind of transparency these days!
JT
Exactly, the industry is shifting away from volume traded and traders are getting smarter about execution quality.
WC
So with Kronos being an existing and non-tokenized product, how does the Wootrade platform differ to what you’ve already been doing?
JT
Kronos is a quantitative trading firm doing everything possible to improve its strategies and technology. Wootrade on the other hand is designed to break down barriers to financial markets globally. Governance on Wootrade will eventually be decentralized also.
Wootrade aggregates top liquidity providers like Kronos Research and gives that liquidity back to the market.
WC
I love the idea of aggregated liquidity, we’re seeing that starting to be done quite effectively in the DEX world where there is MUCH more friction, so I can only imagine how much better it might be in the CEX world.
You mentioned a rather significant amount of volume passing through the Kronos Research product in an earlier response…
Do you have any facts/figures to back that up and how much of this volume do you expect to transition over to Wootrade once it’s up and running?
JT
We have certain strategies that are primed for a platform like Wootrade such as arbitrage, discretionary and CTAs so we would expect a big run up in volume once the full platform is launched.
Currently only exchanges and quantitative trading teams can use Wootrade via API so right now we are doing about $7m USD in trades a day, which is up from the $30k USD a day we started with a few months ago…so we are growing exponentially and with the launch of margin and futures, we expect much bigger numbers in future AMA’s!
WC
Haha you’ve got to start somewhere, I assume Kronos wasn’t always doing a lazy $30b!
JT
That’s right. once it scales, it goes very fast…the magic of high frequency!
All the hard work is done for months before it shows up in the numbers. We just keep chugging along no matter bear or bull. We actually started out in a bear market…that was tough!
Would you be interested in seeing our Binance volume Mr. Wolfe?
WC
Of course, I was saving the wen Binance? question, but lets do it now haha!
JT
WC
Wow, it looks like Satoshi has a Binance account!
So in reading through your materials, I see you call your liquidity pools dark pools. Dark pools sound fascinating, mysterious and perhaps even a little dangerous…
Can you explain to me what a dark pool is exactly and what function they play in both traditional finance and crypto?
JT
The “dark” aspect of it is that users have the option to hide their orders from the public markets. If you want to buy or sell a large amount of anything, you don’t want that info to leak since it could move the markets and give you worse off prices.
In traditional markets, dark pools are just private liquidity pools servicing mostly institutional clients. Their orders may be created by thousands of retail trading through their platforms so it’s the end users that derive most of the benefits.
Kind of like Robinhood offering zero fees to their clients and their still getting decent execution quality.
WC
So I assume the hidden, and thus “dark”, aspect of things is where the institutional appeal for your product comes in right?
Trading desks, OTC providers etc would all like to use that I’m guessing…
JT
Usually the bigger guys care very much about execution quality and privacy.
The general market also benefits though since those big spikes up and down will happen a lot less. Since we give our services without any trading fees and actually rebate those who bring us flow, eventually exchanges will be able to offer ZERO fee trading in spot and futures to their customers.
If they don’t, we will do it for them and the main point is, retail should not be paying any trading fees.
WC
Sounds like a very compelling selling point to me…
I guess its something like the traditional space where it takes someone like Robinhood entering the market to force all the other providers to do the same?
Assimilate or die, as the Borg would say!
JT
Exactly, this is why Wootrade is supporting new exchanges and making them into super exchanges. If the top guys control the market, innovation dies and the end user suffers. We need to lower the competition barriers to keep everyone honest and keep innovation humming along.
Wootrade should allow more than a few crypto Robinhood’s to spring up and take market share from the incumbents. We think, as a result, crypto participants will feel a huge difference in fees saved.
For example, someone trading $1m USD a day will save ~$180k USD a year in fees. That’s a huge saving for simply trading as you normally would.
WC
Just so we understand and get the terminology right for the rest of the AMA, we’re so used to calling liquidity providers LP’s in crypto these days, but I note in your litepaper, you have LFP’s…
What’s the difference between the two?
JT
Flow providers are the institutional traders/platforms (exchanges, wallets, DEX’s etc) that route their flow/trades to Wootrade.
Liquidity providers are the elite market-makers, like Kronos Research, who are able to quote the best order books and ensure the best order execution.
In the future, it really shouldn’t matter what exchanges or platforms you use as you should be guaranteed the best execution prices in general.
This stuff is super dry but if you guys have a chance, use a Wootrade partner exchange like hoo.com vs an exchange that’s not plugged in and you’ll see the difference on every trade (for the main coins).
We aren’t just a concept, people are actually already benefiting from our tech right now.
WC
So by doing this via the traditional market route, that should bring in some institutional interest right…and when I say institutional, I mean actual institutional, not crypto institutional, haha!
JT
Yes we have a few clients lined up waiting for a web interface to use and we’ll try to launch that in a few months time.
WC
So past institutions, can individuals, retail rekt pleb traders such as myself, use Wootrade?
JT
Yes, but you’ll have to access the liquidity via our partner exchanges for now.
WC
So just before we get to the platform side of things, while I have you and your big bran here Jack, I’m really interested to know, with your experience across both the traditional and crypto worlds, what your opinion is as to the role of a market maker in both industries
From my experience, they seem to be distinctly different, maybe it’s because crypto is a much less mature industry, but market makers in this space seem to be a bit more…loose…for want of a better word, than those in traditional markets…
Retail in crypto seems to think that MM = pump machine haha!
JT
Haha yeah there are two different concepts of market-making in crypto, great question!
Type A would be the guys supporting the liquidity of small project tokens and usually they are hired by the project teams or exchanges to pull and push prices around, they get a bad rap and for good reason as too many shady things happen…they make money by selling tokens to the public basically (they are also paid monthly fees by project teams).
Type B however, provide liquidity on the main coins like BTC, ETH as an example, and they make the spread between the bid and ask prices or hold the coins for short periods of time if they are strong in predicting short term moves. In doing so, they facilitate smooth and efficient markets for buyers and sellers.
WC
I love the push and pull terminology, the SEC approved way of saying pump and dump…and please, no need for you to respond to that comment haha!
I assume Type B is the type you’re facilitating with Wootrade and your dark pool?
JT
Exactly haha. It’s much needed in this unregulated crypto world, you could get a massively different price on Exchange A vs Exchange B without even realizing it...it’s unfair and inefficient.
Wootrade standardizes liquidity and would move the industry towards always giving customers the best price no matter which exchange receives the order.
Wootrade will also be a place where normal users can access the best financial products in a transparent and seamless way. This is a little outside of the scope of this AMA for now, but we will elaborate further on this on our blog page at a later date.
THE WOOTRADE PLATFORM
WC
Nice, can’t wait to read it, this stuff is really fascinating, it’s like a glimpse behind the curtain for retail plebs like myself!
So I think you’ve basically ticked off this question for me already with the preface from above, but maybe bullet point it for me, just so we have it on record.
What’s your elevator pitch on Wootrade and why the crypto world needs yet another market making service?
JT
Wootrade is here to bring a drastic change by lowering fees down to zero for retail, ensure best execution (no matter where you trade) and open access to the trading strategies you only hear about.
It’s definitely not just another market-making service, but the liquidity provided by Kronos Research is a fundamental strength of Wootrade.
In essence, disrupt markets and empower the individual by doing so.
WC
A fee-less offering sounds like a very interesting value proposition indeed, however as a wise man once said, if something is free, you’re the product…
So tell me, is this the case with Wootrade and how can you offer a fee free offering when other market makers charge quite a significant monthly fee for what seems like the same, or at least, a very similar product offering?
JT
All technology looks like magic until you dig in to understand what’s going on. It’s no different here and I’m actually really happy you think this way as it means our product “sounds too good to be true”.
To the end user — zero fees, and better order execution than they get now.
To the Wootrade ecosystem — adoption of the token and platform.
To the market-maker — more opportunity to gain profits.
That’s the sum of the current is business model!
In the future there might be opportunities to offer premium services for a monthly fee or charge margin interest etc…
WC
So Wootrade isn’t operating under a Robinhood style business model where you’re either selling user data or front running orders submitted by users via the platform?
JT
Actually there’s regulation preventing front running in traditional markets.
WC
Maybe in the example of Robinhood, counter trade is a better example than front run.
JT
In crypto, we have to self-govern and be transparent to gain trust, that’s why we proposed to publish the best execution prices and get all the major exchanges to sign up to be part of this.
If this works, then any trading platform in the Wootrade ecosystem will be able to guarantee best execution and anyone outside of the ecosystem better have a good reason not be be in it, otherwise people may think they are ripping off customers by front-running for example.
When you send an order to Interactive Brokers or Binance, do you care what they do in the background?
I don’t, I just execute my 100 BTC order at close to market price instantly for zero fee please, thank you very much!
WC
So can I ask, if Wootrade, at least initially, is more orientated towards exchanges/DEXs, wallets, brokers, and trading institutions, why are you selling a token and why are you putting this token, at least partly, in the hands of retail users?
JT
Yeah, so the token use case is an interesting one.
We initially allowed investors to put funds with quantitative trading shops for discounts by holding the tokens but that was a small use case.
When Wootrade launched, we allowed exchanges to buy and stake tokens to become a Prime Node which guaranteed them a rebate for every dollar of flow they sent to the platform.
In general, the token use cases also include governance, collateral, staking/mining for asset management products.
We have a full token section on our woo.network website that you can check out for more detail —
WC
So this again, is more along the line of market making questioning, and less liquidity but I assume, and I say assume, as I’ve seen it in action myself and haven’t seen much evidence of…lol…that part of the reason projects pay for a market making service is some inherent knowledge of the market and the skills and experience as to how to operate their tech stack efficiently…
With you now offering part of this tech stack, along with some associated liquidity, how do you ensure someone isn’t going to come along and use your platform with no knowledge of how market making actually works and rekt themselves or abuse the liquidity on offer, in the process?
JT
I’m not too clear on the question but I think you are asking if one of our exchange clients don’t know how to use Wootrade or if they do something detrimental?
WC
A little bit of both really…like what are the checks and balances in place on your platform, or is that totally left up to the individual and their usage of?
JT
We have trading and risk safeguards in place such that Wootrade doesn’t take any outsized risks and we have the ability to generate custom orders by client. If a client has very toxic traders on the platform, we can widen the spread/decrease depth to protect the ecosystem.
Exchange clients can also get into trouble if they don’t fully understand the margin trading system but we do give warnings/phone calls to clients when their risk exposure is too large.
Ideally it won’t matter where you trade in the future, you’ll just pick the platform with the best user experience.
WC
So that’s a nice segue into my next question really…as I’m loving DEX trading of late when it comes to user experience (despite some of the friction there)
We’ve spoken a lot about your work with centralised exchanges and some of the challenges faced by these entities, but we live in a DeFi world these days in crypto…
Where does Wootrade fit into this landscape and what problems/challenges can your product solve in the DEX world?
JT
Yes, I’m a lover of the DeFi space as well but if humans were all able to understand how to use DeFi, then there wouldn’t be a need for centralized solutions.
Unfortunately that isn’t the case — most people even in crypto have no idea what they are doing and people outside of crypto have no chance to catch up without spending a lot of time reading and researching.
DeFi is just not going to hit mass adoption like that. We need automated solutions in the backend and a very simple interface for most people.
So that’s what Wootrade will work on and achieve. For the degens who are very active in DEX trading now, we do have plans to cooperate with some of the more popular platforms to boost their liquidity and decrease impermanent loss. What you will see from us will have strong adoption and the technology will not even need to be considered when users are interacting with the platform or service.
If every time we need to send a text or email, we need to fiddle with the technology behind it, we would never get anything done and it’s the same thing for blockchain in general.
WC
So something that powers the DeFi ecosystem and the massive amount of liquidity that now sits within it, is the fact that normal users are incentivised to provide liquidity to the ecosystem.
With Wootrade already having this huge dark pool of liquidity, is there any scope for users to contribute to the pool and be incentivized in order to do so?
JT
Well remember our liquidity pool is mainly in the top crypto coins.
Smaller tokens we still need users to help bootstrap liquidity, the difference is there will be less impermanent loss on Wootrade partner DEX’s.
WC
Wootrade wants my shitcoins? Take them sir…They already suffering from IL just sitting in my wallet over the past few days!
I note that as part of your documentation you mention there will be nodes as part of the network and they’ll require WOO tokens staked to participate.
How many tokens are required for this, what’s the benefits of running a node and is this something an average joe can participate in or is it reserved for your institutional customers/users etc?
JT
5m WOO tokens need to be staked for the exchange or platform to be eligible to become a Prime node. We also require that they have a unique marketing plan and business proposition, they can’t just be another exchange otherwise what’s the point?
If they become a Prime node, for every dollar of flow they route to the network, they’ll receive X # of WOO tokens. The idea is eventually they won’t need to charge a fee to their users and simply can scale off of the rebates we give.
WC
These tokens they get, they’ll sell them, hold them…use them?
JT
They can do whatever they want with them and by doing this, when they grow, we grow and vice versa, we are tied together with the exchanges both centralized and decentralized.
If you are an exchange, would you try gamble your fate on market-makers you choose and pay them a hefty fee OR join the Wootrade network get zero fee trading and proven liquidity on day one and then get paid to trade there?
The choice is pretty simple!
WC
So part of coming from behind the scenes and into the forefront of the crypto space is actually developing a user facing component to the platform.
You mentioned a web interface before and I see this is scheduled for Q1 2021 but can you give us any indication as to the look and feel of this so we can wrap our heads around it?
JT
Check our website, the moving background is a sneak peak at the platform!
The web interface will feature customizable modules, especially useful if you have multiple monitors and if you want multiple order books etc.
WC
Very cool, so this could be something that could be used in lieu of actually logging onto exchanges for an end user?
Like an actually usable 3Commas?
JT
As I mentioned earlier, I started trading as a teen so I have a lot of wishes for a proper trading platform over all these years.
Our core focus is on the user experience for everything we build and looking forward to the community’s feedback once it’s released.
WOO TOKEN UTILITY
WC
We briefly touched upon some of the WOO token utility in the previous questions, but how about you give me a bullet point summary of the various use cases within the Wootrade ecosystem?
JT
Sure.
- WOO can be used in staking / mining incentive mechanisms to incentivize improved liquidity and flow. WOO can also be staked to access and to decrease fees paid to trading teams in asset management products.
- WOO can be used as collateral on Wootrade to trade spot / futures.
- WOO can be amassed by B2B clients to apply for Prime node status.
- WOO governance framework will involve staking tokens to accrue voting points.
WC
Token holders will have the ability stake tokens directly on the platform and receive benefits for doing so…
Can you TLDR this part of the platform/process for me?
JT
I can’t reveal too much right now but it will be similar to what some of the other notable projects have done to lock up token supply from the market and at the same time increase loyalty to the platform.
We will be releasing details soon!
WC
I see something in your litepaper about buybacks, which is always something that gets my FULL attention!
Can you explain to me how this will function in practice and how it benefits WOO token holders?
JT
We will be using buying back tokens to decrease circulating supply much like how BNB buybacks are done.
If you look on the token page of our website, as supply increases from unlocking of tokens, we’ll be working to decrease the supply via buybacks to keep a more even market.
WC
Haha the tried and tested BNB buyback model in crypto…if it ain’t broke and it still works, don’t fix it!
JT
That’s a good way of putting it.
It’s just a small part of the whole demand side of the equation.
WC
Speaking of which how about mining rewards, is this liquidity mining or something different?
You have “ based on various forms of mining” in the whitepaper…
JT
I would call the Prime Nodes incentives “transaction mining”.
For retail, let’s say they stake an equal amount of WOO and ETH or USDT into a product, they can receive rewards based on that. Wootrade may then charge a fee only on the earned amount.
The products can be crypto savings products or more actively asset management products/mimetic trading.
I think you’ll soon see Wootrade products popping up on major platforms, the team has been around awhile and has gained trust through solid performance through multiple market-cycles.
WC
“Asset management products” would be something like YFI or the like?
JT
Yes, but YFI pools are very simple lending/borrowing type stuff so the interest rates will be unsustainably high, you need actively managed strategies to provide a sustainably higher yield.
WC
I note that governance on the Wootrade platform is taking a staged approach, and WOO token holders won’t actually have a say in the initial phase of the network…
So with that in mind, who will and when will token holders get to chime in with their say?
JT
The Prime Nodes are already having a say on what tokens to list and when and what features to launch and when.
For speed and efficiency, governance is in a limited group now but as we achieve broader adoption we will try to decentralize the governance so that we have more flexibility on the types of products we can offer.
WC
I think DeFi has shown you kinda want to keep it that way for awhile, haven’t seen a governance platform make a good decision yet!
JT
Yeah for sure, there’s definitely a tilt towards idealism that just doesn’t work in the real world.
We are wary of that so we are starting out centralized for good reason. There has to be a way to give more power continuously to those based on prior decisions/votes, not everyone should have the same vote.
We try to at least give more power to those who have held tokens the longest, if you sell, then you need to start over to accrue voting points.
WOOTRADE REVENUE MODEL
WC
So we’ve spoken about benefits for token holders and how they can benefit off holding WOO tokens, but how about Wootrade yourself…
What’s the revenue model past selling WOO tokens and how do the aforementioned token mechanics work into the revenue model for Wootrade?
JT
So I alluded to this a bit before.
When users generate revenue from staking into various products, we could take an asset management fee. On the trading side, we do charge margin fees like all platforms even though there is no trading commissions.
We also get rebates from market-makers such as Kronos Research. Wootrade could route its orders to the big exchanges OR could route to the alpha-based true market-makers, it really depends on who will give Wootrade the best price but typically market-makers offer better prices than exchanges.
In this way, Wootrade earns from the market-makers and uses those revenues to incentivize other flow providers to route orders here. We may also have a flat monthly service fee for a premium app but those details aren’t fully hashed out yet.
PARTNERSHIPS & BACKERS
WC
You completed both an equity and private sale round in August of this year, impress me with some of the names who contributed to these sales rounds.
JT
Dragonfly Capital, Three Arrows Capital, Hashkey, SNZ and Fenbushi were some of the big ones, we were pretty lucky to have super supportive backers for the long term.
We raised about $10m USD in total from over last year and this year.
WOO TOKEN SALE & SUPPLY
WC
Before we get into the crux of your TGE, can you data dump me the WOO token metrics?
JT
With pleasure!
WC
I see from this list you’ve run a seed round, a private sale and are finishing with a small public sale…
What was the token price in the various tranches, and what other methods have you used to raise funds?
JT
We’ve also raised a bit of equity funding about $1.3m USD in total.
WC
Can you also share the token unlock schedule for me?
JT
WC
As per the info above, I see you’re planning on having a small public token sale.
How will users be able to participate in this process?
JT
Yes, we will release details as soon as possible. It will most likely be through our partner exchanges.
WC
That makes sense, so its more an IEO model or something similar?
JT
Yep!
WC
I’m just trying to do some quick math here, but unlike you guys, I’m not quite as big brained…
What’s your day one market cap based on the above?
JT
I’m quoting my team here…just $1.5m USD total circulating market cap on day one.
WC
Very nice…
You’re partnered with more than a few exchanges, so the natural question to ask is when can we expect a listing and which one of your partnered platforms?
That’s like a high class way of asking wen Binance? Haha!
JT
Details will be released soon…but there’s no shortage of exchanges trying to list the foundation of crypto liquidity — sorry for the brag haha!
DUE DILIGENCE CHECKS
WC
Hey, if you’ve got it, flaunt it!
So I have some quick fire DD questions to finish this one off…
Does WooTrade have a Github?
JT
Yes, but it’s not open to public. Maybe someday it will be open source?
This is in our API document when exchanges connect to Wootrade, so we can show it here —
WC
Where are you guys based?
JT
Taipei and HK mostly but we have a few people in Shanghai also.
The management team grew up in the US and can barely read Chinese but we try our best here!
WC
Where is WooTrade incorporated?
JT
Currently it is in the Cayman but we are moving it to the BVI for additional flexibility.
WC
Do you have a legal opinion that your WOO token isn’t a security?
JT
Yes sir. from Ogier, our counsel in the BVI.
WC
Has the WOO token already been minted?
JT
Not yet, it will happen soon after the code audit.
WC
How did you know I was going to ask…
Has the WOO smart contract been audited and can we see the results?
JT
Haha yes soon! We will announce it once it is completed.
CLOSING THOUGHTS
WC
Thanks for your time today Jack, that was super super interesting!
JT
Thanks Winston and thanks to your community as well!
Wootrade Resources
Website: https://woo.network
Telegram: https://t.me/wootrade
Twitter: https://twitter.com/wootraderS
Medium: https://medium.com/@wootrade
Litepaper: https://woo.network/Litepaper.pdf
Wolf Crypto Resources
Public Group: https://t.me/WolfCryptoPub
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