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Binance Invests $12M in Liquidity Platform WOO Network
WOO had raised $30 million in November.
The venture capital arm of Binance, the world’s largest crypto exchange by trading volume, announced a $12 million strategic investment in WOO Network, a liquidity platform that connects users to exchanges, institutions and decentralized finance (DeFi) networks.
- “WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on [the Binance Smart Chain],” Peter Huo, Binance Labs investment director, said in a press release.
- WOO Network provides liquidity to more than 40 institutions, exchanges, trading teams, wallets and decentralized applications. The company’s products include WOO Trade, a platform for institutional investors, and the retail-focused WOO X, which combines zero-fee trading and deep liquidity.
- Last year, WOO Network began providing liquidity on Binance Smart Chain with the launch of WOOFi Swap, which uses the liquidity network and institutional market-making techniques to improve pricing and reduce slippage. WOO also provides liquidity to other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch and DODO.
- WOO Network closed a $30 million Series A fundraising round in November that included investments from Avalanche, BitTorrent, Crypto.com Capital and Three Arrows Capital.
- Founded in 2017, Binance Labs tends to make early-stage investments in companies such as hackathon organizer DoraHacks and interoperability startup LayerZero, but the investor and incubator has also participated in later, larger funding rounds, such as the recent $110 million Series C fundraising round for crypto staking firm Figment that was led by investment firm Thoma Bravo.
- The price for the project’s WOO tokens were up 10% over the past 24 hours, nearing a market capitalization of $1 billion, as of 11:52 coordinated universal time (6:52 a.m. ET), according to CoinGecko.
Read more: Crypto Exchange WOO Network Closes $30M Series A
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Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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