Wintermute, a major crypto market maker, has launched a non-custodial vault curation service on the Morpho protocol called Armitage. The service debuted on May 19, 2026, and reached over $145 million in total deposits by early October 2026.
The Armitage platform manages capital allocation across various lending markets. Its initial offering included two USDC-denominated vaults: Prime, which focuses on conservative assets, and Select, which targets higher yields with moderate risk. In September 2026, the company added USDT vaults with target annual yields of 3 to 5 percent.
The product suite also includes a private Wrapped Bitcoin vault and collaborative vaults within the Pendle ecosystem. Currently, the service does not charge management or performance fees. Participation is non-custodial and does not require KYC procedures.
Armitage differentiates itself by utilizing Wintermute’s internal trading infrastructure to handle liquidations. Unlike other curators that rely on third-party services, Wintermute manages these operations in-house to support a broader range of collateral types.
