Binance Backs WOO Network With A $12 Million Strategic Investment
Binance is the largest exchange platform in trading volume within the crypto industry. Through its user-friendly interface, the exchange has over 20 million users. In addition, the platform supports several cryptocurrencies that would boost an investor’s portfolio.
In its move to enhanced performance and services to customers, Binance has a strategic investment of $12 million through its venture capital arm. The investment is in a liquidity platform, WOO Network. This liquidity platform connects users to exchanges, DeFi networks, and other institutions.
Binance Labs, which kicked off in 2017, has committed relationships through early-stage investments in several companies.
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Some include DoraHacks, the hackathon organizer, and LayerZero, an interoperability start-up. Also, Binance took part in bigger fundraising rounds like the $10 million Series C fundraising round for Figment, a crypto staking company. Thoma Bravo was in the lead of this fundraising project.
Through a press release, Binance Labs Investment Director Peter Huo put forth his reactions to the company’s investment. First, he acknowledged WOO Network’s remarkable impact on the entire crypto ecosystem using its features and functionality. Also, he mentioned the Network provision of zero-fee trading through on-chain and off-chain and deep liquidity.
Furthermore, Huo expressed his company’s excitement through its long-lasting relationship expansion. The Binance Director commented that the company uses the investment to explore its collaborations further.
Binance Invests in WOO Due To Impressive Growth
WOO Network supplies liquidity to over 40 exchanges, institutions, wallets, trading teams, and other DeFi applications as a liquidity platform. In addition, the network boasts some outstanding products such as the WOO Trade and WOO X.
WOO falls by 6% in the last 24 hours | Source: WOOUSDT on TradingView.com
The WOO Trade is a platform institutional investors use for their crypto transactions. On the other hand, WOO X focuses on retail by combining deep liquidity and zero-fee trading.
The services of WOO Network for liquidity provision on Binance Smart Chain commenced last year with WOOFi Swap launching. The WOOFi Swap employs both the market-making technique from the institution and the network’s liquidity to reduce slippage and enhance pricing.
Moreover, other decentralized protocols get their liquidity supplies from WOO Network. Such DeFi projects include Matcha, DYDX, DODO, ParaSwap, and 1inch.
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The Series A fundraising round of WOO Network in November 2021 closed with a whopping amount 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 10% increase within the last 24 hours. Also, the Network recently recorded a market cap of about $1 billion.
Featured image from Binance, Charts from TradingView.com