Odaily Frontline | Jump Trading invests in FTX's Serum and enters the DeFi field

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Summary:

Summary:

- Crypto and stock market maker Jump Trading is supporting FTX's new DEX Serum.

- Jump has invested in Serum and will provide it with liquidity, FTX founder Sam Bankman Fried announced exclusively on The Block's podcast "The Scoop."

Jump Trading, one of Chicago's prominent high-frequency traders, is supporting FTX's decentralized exchange Serum.

The high-speed trader and market maker will provide Serum with liquidity, FTX founder Sam Bankman Fried said in an exclusive announcement on The Block's podcast "The Scoop." In addition, Jump Trading has invested a "substantial" amount of money in Serum.

"Once you start thinking about higher-level problems, you need to invest more," Bankman-Fried said, "So we're very excited to work with them (Jump Trading) because you know (they) can be called A key source of liquidity."

Jump Trading has been in operation since 1999 and is a veteran service provider in the field of market making and cross-asset high-speed trading. It's also known for its intense secrecy, with little information about its business on the website. The company is active in the crypto market, providing liquidity across exchanges and powering Robinhood's crypto arm when it launched in 2018. Its sister company, Jump Capital, is an active investor in the crypto market, having previously backed companies like BitGo, Bitnomial, Bitso and Curv.

A source familiar with Jump Trading’s business said the firm has been continuing to dig deeper into the crypto space and is starting to eye larger deals.

Bankman Fried called Jump Trading's investment and partnership a "demonstration of enormous confidence in what Serum is trying to achieve". In fact, this move is Jump Trading’s first foray into the DeFi space.

Serum is a decentralized trading platform built on the high-performance public chain Solana, which was officially launched on August 30. Serum currently has markets for BTC, ETH, and Serum's native tokens SRM and MSRM, and each market has trading pairs against USDT and USDC.

Odaily Note: Serum can conduct decentralized cross-chain transactions and provide users with executable transaction prices. Serum is built on top of Solana, and will also be integrated with Ethereum in the future. It is reported that Serum supports cross-chain, stable currency, packaged pass, order book, and futures trading.

Jump Trading’s investment in Serum comes as the DeFi space continues to make waves in the crypto market. Bankman Fried said that DeFi will achieve "incredible growth" in the future.

“We believe the impact of this industry-first transaction process will go far beyond what we now call ‘DeFi.’ Our intent is to build the infrastructure that will help realize this opportunity,” Bankman Fried said, but he No specific details were disclosed.

With the liquidity and capital support of Jump Trading, Serum's follow-up performance can't help but look forward to.