Binance Labs, the venture capital and innovation incubator arm of the world’s largest cryptocurrency exchange, Binance, led an investment round of $12 million in WOO Network, a liquidity platform that connects users to exchanges, institutions, and DeFi networks.
DeFi liquidity platform, WOO Network’s fundraising comes on the heels of their $30 million Series A funding round last November, led by venture capital firms such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.
According to the official blog post, Binance Labs has led the Series A+ investment round in WOO Network to support the decentralized finance platform’s growth through talent acquisition, research and development, and the development of new decentralized products.
What Is The WOO Network?
WOO Network is a platform that connects traders, exchanges, institutions, and DeFi platforms with active liquidity and trading execution. 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.
Since 2021, The DeFi liquidity network has been providing liquidity on Binance Smart Chain (BSC) via their decentralized products, which use WOO Network’s custom market data feeds and hedging strategies. WOO Network liquidity currently backs a number of decentralized protocols, including DYDX, Matcha, ParaSwap, 1inch, and DODO, leveraging capital-efficient solutions to gain an edge over passive liquidity providers.
Woo claims to provide cheap liquidity thanks to algorithmic aggregation and trading techniques. Ran Yi, Chief of Ecosystem Development at WOO Network said that Binance has the highest concentration of volume and users of any centralized exchange which will allow the WOO Network to gain rapid traction across all their industry verticals. He further added,
“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.”
Binance Labs To Support DeFi Projects In The Future
Binance Labs have been involved in several fundraisers for emerging DeFi platforms in the recent months. Bill Chin, Head of Investment at Binance Labs, said that the leading crypto exchange has always appreciated the importance of liquidity platforms and looks forward to collaborate with industry leaders such as WOO Network and invest in more such projects in the future.
The investment Director at Binance Labs, Peter Huo, seemed quite excited about their partnership with the decentralized finance network. He said,
“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 BSC.”
