Wintermute CEO Evgeny Gaevoy Addresses Future of Crypto Trading at Consensus Hong Kong
Evgeny Gaevoy, founder of Wintermute, transitioned from traditional finance to crypto in 2017, aiming to address inefficiencies in legacy systems. Wintermute has since become a leading algorithmic trading and liquidity provider, processing over $5 billion daily across 50+ exchanges.
Key insights from Gaevoy include:
- Regulatory dynamics remain heavily influenced by the U.S., impacting Asian markets.
- China's institutions are largely absent due to existing restrictions on crypto involvement.
- Japan's improved tax policies are attracting institutional participation.
- South Korea's retail market potential is limited by regulations against foreign market makers.
- Hong Kong may serve as a testing ground for China's future crypto engagement.
- USDT on Tron is widely used for payments in Asia, contrasting with Western narratives.
- AI is increasingly utilized in trading but will not replace human traders in the near term due to market unpredictability.
- Wintermute embraces liquidity fragmentation as an opportunity rather than a challenge.
Gaevoy plans to discuss market structure and misconceptions about market making at Consensus Hong Kong, emphasizing the importance of understanding this role in providing liquidity.