Here’s what happened in crypto today

Do Kwon to remain in Montenegrin custody until February. Crypto platform WOO X has partnered with market maker Wintermute, which will act as the designated liquidity provider for the platform. Meanwhile, El Salvador’s digital asset regulator has given the regulatory nod for the country’s first Bitcoin bonds.

Terra co-founder Do Kwon’s extradition delayed until February

Do Kwon will remain in Montenegrin custody until February despite the completion of his current prison sentence. The Terra cryptocurrency exchange co-founder is awaiting extradition to the U.S. or South Korea for his alleged role in the exchange’s collapse in May 2022.

The former TerraForm Labs CEO faces eight criminal charges in the U.S including commodities fraud, securities fraud, wire fraud and conspiracy to defraud and engage in market manipulation. He’s also been charged by the SEC in a separate indictment.

He’s also wanted in South Korea for related charges but will reportedly face justice in the U.S. first.

Crypto platform WOO X partners with market maker Wintermute for liquidity boost

Crypto exchange platform Woo X has partnered with Wintermute, a crypto market maker and liquidity provider with over $3.6 trillion in cumulative trading volume. Wintermute will act as the designated liquidity provider for the crypto exchange.

The latest partnership between the two crypto-focused platforms is part of a proactive and transparent effort to onboard top-tier liquidity providers. The London and Singapore-based liquidity provider Wintermute is one of several market makers collaborating with the crypto platform.

Other liquidity providers, such as Selini Capital and Black Code Group, also support WOO X. Selini Capital, for example, has consistently contributed 15–25% of all maker volume on Perpetual Protocol.

WOO X CEO Jack Tan said the deal comes after years of observing the trading firm uphold a strong track record and reputation. Tan told Cointelegraph that Wintermute is a top-tier market maker and brand in the crypto industry.

He added that collaboration with Wintermute provides a boost, not only in terms of liquidity in the order books but also in giving WOO X more credibility within institutional circles.

El Salvador’s Bitcoin bonds are expected to launch Q1

El Salvador’s long-anticipated Bitcoin bonds, also known as “Volcano Bonds,” have reportedly received the regulatory nod for a launch in early 2024.

The Volcano Bond was reportedly approved by El Salvador’s Digital Assets Commission and is anticipated to launch during the first quarter of 2024, according to a Dec. 11 statement from The National Bitcoin Office (ONBTC).

El Salvador first passed the landmark legislation providing the legal framework for the Bitcoin-backed bond on Jan. 11. The Volcano Bond is intended to pay down sovereign debt and fund the construction of the country’s proposed “Bitcoin City.”

ONBTC said the bond will be issued on Bitfinex Securities Platform, a trading site for blockchain-based equities and bonds that is registered in El Salvador.

It signals the beginning of Bitcoin-based capital markets in the country, with the bonds set to last 10 years and pay 6.5% in annual return to holders.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.