WOO X Introduces Meme Coin, Layer 2 Index Perpetuals in Partnership With Wintermute, GMCI

Crypto exchange WOO X has introduced a set of index perpetual contracts linked to meme coins, the top 30 cryptocurrencies and layer 2 tokens, in partnership with market maker Wintermute and indices provider GMCI.

WOO X closed a $9 million round in January of this year with participation from Wintermute and Amber. The firm is offering traders GMCI’s MEME index, which includes top meme coins like SHIB, PEPE and DOGE, while the L2 index monitors scaling tokens like MATIC, IMX and OP, the companies said.

Indices are a popular product in traditional finance with the Chicago Mercantile Exchange, S&P Futures or Nasdaq Futures, allowing traders exposure to the whole market. The new products would soon be complimented by a copy trading option, as well as on-chain U.S. Treasury Bills, WOO X chief operating officer Willy Chuang said.

“We’ve observed cryptocurrencies going from vertical to vertical, from AI to meme coins, layer 2s etc., and it’s challenging for retail traders to keep up and identify individual winning tokens,” Chuang said in an interview.

“Now, they can invest based on different sectors, thereby reducing the risk of exposure to a single asset in volatile conditions. This approach, coupled with the copy trading product we’re about to launch will help in fostering adoption and enhancing awareness within the legacy market.”

The WOO X index products will allow both retail and sophisticated investors to craft more complex strategies, said Evgeny Gaevoy, founder and CEO of Wintermute.

CoinDesk also has a long history in the crypto indices space.