Binance Labs invested $12 million in WOO Network as the 2 events develop their long-standing relationship.
The funding will help WOO Network’s fast enlargement by way of expertise acquisition, analysis and growth, and the event of recent decentralized merchandise.
Binance Labs, the enterprise capital and innovation incubator of Binance, in the present day introduced its $12 million strategic funding in Series A+ spherical of WOO Network, a liquidity platform that connects customers to exchanges, establishments, and DeFi networks.
WOO Network gives energetic liquidity to 40+ establishments, exchanges, buying and selling groups, wallets, and decentralized purposes. Incubated in 2019 by main quantitative buying and selling agency Kronos Research, WOO Network is ready to present the most affordable liquidity by way of algorithmic aggregation and buying and selling strategies. Clients hook up with the centralized community instantly through API, or by way of the extra user-friendly WOO X graphical person interface.
Since 2021, WOO Network started offering liquidity on Binance Smart Chain (BSC) through their decentralized WOOFi merchandise, which use WOO Network’s customized market information feeds and superior hedging methods to offer the depth and spreads of centralized markets with out the necessity for extreme on-chain capital. WOO Network liquidity now backs numerous decentralized protocols, together with DYDX, Matcha, ParaSwap, 1inch, and DODO, leveraging capital-efficient options to achieve an edge over passive liquidity suppliers.
Ran Yi, Chief of Ecosystem Development at WOO Network mentioned: “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.”
Bill Chin, Head of Investment at Binance Labs, mentioned: “As the leading crypto exchange globally, Binance appreciates the importance of liquidity platforms and looks forward to investing in and collaborating with industry leaders such as WOO Network.
Peter Huo, Investment Director at Binance Labs, added: “WOO Network provides vital worth to the crypto ecosystem by offering deep liquidity and zero-fee buying and selling each on- and off-chain. We are excited to develop our long-lasting relationship and discover additional collaborations, particularly on BSC.
WOO Network’s Series A+ fundraising spherical comes on the heels of their $30m Series A introduced in November, headlined by strategic companions reminiscent of Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.