After providing liquidity to Binance Smart Chain in 2021, Woo Network’s Series A+ funding round gains a $12 million injection from Binance Labs.
WOO Network Receives Binance Labs Money
Following a $30 million Series A funding round, Decentralized Finance (DeFi) liquidity provider WOO Network has secured a further $12 million from Binance Labs.
The partnership strengthens the bond between WOO Network and Binance Labs. The money will be used to support talent acquisition, research and development, and new product lines.
“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain,” Binance Labs Investment Director Peter Huo remarked in a blog announcement on January 4. “We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC.”
WOO Network began providing liquidity on BSC in November. It now counts more than 40 institutions, exchanges, trading organizations, wallets, and decentralized applications as part of its liquidity provision network. Its client base ranges from institutional investors using the WOO Trade product to retail consumers trading with the WOO X platform, which combines zero-fee trading and deep liquidity.
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.”
Binance commands the lion’s share of global crypto trading volume, with over $15.6 billion changing hands daily at the start of the year. Its venture capital arm, Binance Labs, has been making significant strategic investments in DeFi as part of its rapid expansion plans.
WOO Tokens are up 5% since the Binance Labs announcement.
What is WOO Network?
WOO Network provides active liquidity to 40+ institutions, exchanges, trading teams, wallets, and decentralized applications. Incubated in 2019 by leading quantitative trading firm Kronos Research, WOO Network is able to provide the cheapest liquidity through algorithmic aggregation and trading techniques. Clients connect to the centralized network directly via API or through the more user-friendly WOO X graphical user interface.
Source: BSC News
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.