By
Tolu Ajiboye
October 11th, 2023
WOO Network provides solutions that integrate the best of Centralized Finance (CeFi) through WOO X as well as DeFi through WOOFI.
Decentralized Finance (DeFi) liquidity service provider, WOO Network has secured a $30 million funding in Series A capital raise that was led by Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital.
According to the official release, the funding round was 200x oversubscribed and saw additional participation from other major players in the digital currency ecosystem including exchanges, hedge funds, and research firms. Participation was also drawn from AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.
WOO Network describes itself as a deep liquidity network connecting traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity, trading execution, and yield generation strategies at lower to zero cost. The funding round came after the platform floated its WOO X platform, a trading marketplace for deep liquidity traders. The success of the firm’s Series A is reflective of its growing strides in the decentralized ecosystem.
“While the exchange landscape is growing more competitive, WOO X is poised to make a mark with its deep liquidity coupled with lower to zero-fee trading – these two propositions are phenomenally useful for institutional and retail traders to achieve superior trading execution.” – Su Zhu, Co-Founder at Three Arrows Capital.
The company said it will use the acquired capital to “accelerate global market expansion through talent acquisition and the opening of a new R&D regional office in Warsaw, Poland.” The startup also confirmed it will be injecting liquidity into developing additional products including “futures, social trading, and a suite of innovative DeFi trading and yield generating products.”
WOO Network to Pursue Diversification
WOO Network provides solutions that integrate the best of Centralized Finance (CeFi) through the WOO X as well as DeFi through WOOFI, a decentralized exchange platform providing the best possible swap prices and reduced slippage at lower fees. However, the startup’s focus is to pursue diversified product offering to further serve as a one-stop solution in today’s growing digital asset trading ecosystem.
“While WOO X remains the flagship CeFi exchange product of WOO Network, the fundraise allows us to set our sights further and venture deeper into the DeFi space through our suite of swapping and yield-generating products under WOOFi. These efforts will further extend the network’s vision of providing the best-in-class liquidity, trading execution, and yield-generating strategies at lower to no cost across CeFi and DeFi,” commented Jack Tan, Co-Founder of WOO Network.
In the meantime, the startup still remains one of the best outfits to access liquidity of up to 250-300 Bitcoin (BTC) and 2500-3000 Ethereum (ETH) on a tight 2% +/- bid/ask spread along with millions of dollars in altcoin liquidity. WOO Network’s product offerings have seen its daily trading volume grow from $20 million in 2020 to $1 billion as of October this year.
