The recent funding will help WOO Network to expand its operations through talent acquisition, research and development, and the development of new decentralized products.
On Tuesday, January 4, DeFi liquidity platform WOO Network announced its Series A+ funding from notable investors. Binance Labs, the investment arm of the popular crypto exchange Binance was leading the investment for WOO by pouring $12 million.
Some of the other notable investors in this funding were Three Arrows Capital, Crypto.com Capital, Gate Ventures, QCP Capital, BitTorrent and Avalanche. Binance Labs said that the latest capital infusion will help Binance Labs expand its operations “through talent acquisition, research and development, and the development of new decentralized products”.
The WOO Network platform currently offers liquidity to over 40 institutions, exchanges, wallets, trading teams, and DApps. Since 2021, WOO Network has also started providing liquidity to the Binance Smart Chain (BSC) through their decentralized WooFi products.
The WOO Network liquidity currently backs a number of decentralized protocols like ParaSwap, DYDX, 1inch, Matcha, and DODO. This helps Woo Network provide capital-efficient solutions by gaining an edge over passive liquidity providers. Speaking of this development, Ran Yi, Chief of Ecosystem Development at WOO Network said:
“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange. Getting the opportunity to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working closer with Binance across all their industry verticals. As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship.”
Woo Network that Was Supported by Binance Labs Gains 25% on Tuesday
Soon after the announcement on Tuesday, WOO Network native cryptocurrency WOO posted 25% gains moving from $0.90 all the way to $1.25. As of press time, WOO crypto is trading at a price of $1.17. Speaking of this development, Peter Huo, Investment Director at Binance Labs, added:
“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC”.
The recent WOO Network Series A+ funding after the $30 million Series A announced in November 2020. With the recent funding, WOO Network will get further wings towards offering better liquidity solutions in the DeFi landscape.
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