Wintermute, a major crypto market maker, is negotiating to raise up to $300 million from investors including Tencent. The funding round seeks to value the firm at around $2 billion and may involve early investors selling shares to achieve the target. Founded in 2017, Wintermute provides liquidity to key crypto exchanges and has previously raised $20 million in a Series B round led by Lightspeed Ventures. This follows a $160 million loss from a 2022 hack.