Following a report 2021 the place Venture Capital (VC) companies went on an funding spree, splashing large capital on crypto, DeFi, and NFT-focused startups, the momentum is choosing up once more within the new yr.
The newest funding announcement got here from Binance Labs, the VC arm of Binance cryptocurrency change, which mentioned it backed Woo Network with $12 million in its Series A+ spherical.
Per the announcement, the funding seems to be a solo affair as each Binance and Woo Network sought avenues to bolster their strategic relationship. The funding spherical is notably going for use in supporting WOO Network’s speedy enlargement by means of expertise acquisition, analysis and improvement, and the event of latest decentralized merchandise.
Ran Yi, Chief of Ecosystem Development at WOO Network, shared his ideas on the cooperation with Binance.
“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange… 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 has carved a distinct segment for itself as a serious liquidity supplier for greater than 40 establishments, exchanges, buying and selling groups, wallets, and decentralized functions. At current, Woo Network’s suite of shoppers consists of DYDX, Matcha, ParaSwap, 1inch, and DODO, all leveraging capital-efficient options to realize an edge over passive liquidity suppliers.
The funding spherical comes after Woo Network raised $30 million from buyers again in November 2021. Amongst the buyers who again the agency consists of Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent. On the a part of Binance, the agency’s VC has expressed its willingness to repeatedly again modern platforms within the area.
This is an perception into the potential enhance that the investing world will doubtless witness this yr.
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