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January 21, 2022

Binance Backs WOO Network With A $12 Million Strategic Investment

Binance is the most important trade platform in buying and selling quantity throughout the crypto trade. Through its user-friendly interface, the trade has over 20 million customers. In addition, the platform helps a number of cryptocurrencies that may enhance an investor’s portfolio.

In its transfer to enhanced efficiency and providers to clients, Binance has a strategic funding of $12 million by its enterprise capital arm. The funding is in a liquidity platform, WOO Network. This liquidity platform connects customers to exchanges, DeFi networks, and different establishments.

Binance Labs, which kicked off in 2017, has dedicated relationships by early-stage investments in a number of corporations.

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Some embody DoraHacks, the hackathon organizer, and LayerZero, an interoperability start-up. Also, Binance took half in larger fundraising rounds just like the $10 million Series C fundraising spherical for Figment, a crypto staking firm. Thoma Bravo was within the lead of this fundraising mission.

Through a press launch, Binance Labs Investment Director Peter Huo put forth his reactions to the corporate’s funding. First, he acknowledged WOO Network’s outstanding affect on the complete crypto ecosystem utilizing its options and performance. Also, he talked about the Network provision of zero-fee buying and selling by on-chain and off-chain and deep liquidity.

Furthermore, Huo expressed his firm’s pleasure by its long-lasting relationship growth. The Binance Director commented that the corporate makes use of the funding to discover its collaborations additional.

Binance Invests in WOO Due To Impressive Growth

WOO Network provides liquidity to over 40 exchanges, establishments, wallets, buying and selling groups, and different DeFi purposes as a liquidity platform. In addition, the community boasts some excellent merchandise such because the WOO Trade and WOO X.

Binance WOO Network
WOO falls by 6% within the final 24 hours | Source: WOOUSDT on TradingView.com

The WOO Trade is a platform institutional buyers use for his or her crypto transactions. On the opposite hand, WOO X focuses on retail by combining deep liquidity and zero-fee buying and selling.

The providers of WOO Network for liquidity provision on Binance Smart Chain commenced final 12 months with WOOFi Swap launching. The WOOFi Swap employs each the market-making approach from the establishment and the community’s liquidity to scale back slippage and improve pricing.

Moreover, different decentralized protocols get their liquidity provides from WOO Network. Such DeFi tasks embody Matcha, DYDX, DODO, ParaSwap, and 1inch.

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The Series A fundraising spherical of WOO Network in November 2021 closed with a whopping quantity of $30 million. The fund inculcates investments from Bit Torrent, Avalanche, Three Arrows Capital, and Crypto.com.

According to CoinGecko, WOO tokens have made a price hit of a ten% enhance throughout the final 24 hours. Also, the Network lately recorded a market cap of about $1 billion.

Featured picture from Binance, Charts from TradingView.com

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