DeFi platform WOO Network bags $12m investment from Binance Labs
The expansion of decentralized finance (DeFi) liquidity provider, WOO Network in 2021 has continued in the next year, as it has received additional funding from top cryptocurrency exchange Binance in its series A funding round.
Binance Labs, which is the exchange’s venture arm, and has been involved in several fundraisers for emerging DeFi platforms, announced a $12 million strategic investment in WOO Network’s Series A+ funding round earlier today. WOO Network is a liquidity platform that connects users to exchanges, institutions, and DeFi networks, and has been working with Binance since last year.
Binance Labs’ investment director, Peter Huo, noted in the press release,
“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 [Binance Smart Chain].”
WOO Network currently provides liquidity to a number of institutions, exchanges, trading teams, wallets, and decentralized applications. Popular decentralized protocols supported by the DeFi platform include DYDX, Matcha, ParaSwap, 1inch, and DODO.
The company claims to provide “the cheapest liquidity through algorithmic aggregation, and trading techniques”. Some of its tools include institutional investment platform WOO Trade and retail-focused zero-fee trading platform WOO X.
The network launched WOOFi Swap last year in order to provide liquidity to the Binance Smart Chain. The decentralized exchange uses the liquidity network and institutional market-making techniques to improve pricing and reduce slippage.
The newly pocketed funds are in addition to the $30 million Series A funding round it had completed in November last year, which was led by industry heavyweights such as Three Arrows Capital, Crypto.com Capital, Bittorent, and Avalanche, also entering partnerships with the latter two.
This means that WOO Network also provides liquidity to Bittorent’s newly launched BittorentChain. It is a cross-chain interoperability scaling protocol in the TRON ecosystem that will also be compatible with Ethereum and BSC, allowing for the seamless transfer of assets between these three blockchains.