in

Binance Backs WOO Network With A $12 Million Strategic Investment


Binance is the biggest trade platform in buying and selling quantity inside the crypto trade. Through its user-friendly interface, the trade has over 20 million customers. In addition, the platform helps a number of cryptocurrencies that might enhance an investor’s portfolio.

In its transfer to enhanced efficiency and companies to prospects, Binance has a strategic funding of $12 million via its enterprise capital arm. The funding is in a liquidity platform, WOO Network. This liquidity platform connects customers to exchanges, DeFi networks, and different establishments.

Binance Labs, which kicked off in 2017, has dedicated relationships via early-stage investments in a number of firms.

Related Reading | TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K

Some embrace DoraHacks, the hackathon organizer, and LayerZero, an interoperability start-up. Also, Binance took half in greater fundraising rounds just like the $10 million Series C fundraising spherical for Figment, a crypto staking firm. Thoma Bravo was within the lead of this fundraising venture.

Through a press launch, Binance Labs Investment Director Peter Huo put forth his reactions to the corporate’s funding. First, he acknowledged WOO Network’s exceptional impression on your entire crypto ecosystem utilizing its options and performance. Also, he talked about the Network provision of zero-fee buying and selling via on-chain and off-chain and deep liquidity.

Furthermore, Huo expressed his firm’s pleasure via its long-lasting relationship enlargement. The Binance Director commented that the corporate makes use of the funding to discover its collaborations additional.

Binance Invests in WOO Due To Impressive Growth

WOO Network provides liquidity to over 40 exchanges, establishments, wallets, buying and selling groups, and different DeFi functions as a liquidity platform. In addition, the community boasts some excellent merchandise such because the WOO Trade and WOO X.

WOO falls by 6% within the final 24 hours | Source: WOOUSDT on TradingView.com

The WOO Trade is a platform institutional traders use for his or her crypto transactions. On the opposite hand, WOO X focuses on retail by combining deep liquidity and zero-fee buying and selling.

The companies of WOO Network for liquidity provision on Binance Smart Chain commenced final 12 months with WOOFi Swap launching. The WOOFi Swap employs each the market-making method from the establishment and the community’s liquidity to cut back slippage and improve pricing.

Moreover, different decentralized protocols get their liquidity provides from WOO Network. Such DeFi initiatives embrace Matcha, DYDX, DODO, ParaSwap, and 1inch.

Related Reading | President Bukele Predicts BTC At $100k With Hope That More Countries Adopt It As Legal Tender

The Series A fundraising spherical of WOO Network in November 2021 closed with a whopping quantity 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 value hit of a ten% enhance inside the final 24 hours. Also, the Network not too long ago recorded a market cap of about $1 billion.

Featured picture from Binance, Charts from TradingView.com

Report

What do you think?

333 Points
Upvote Downvote

Crypto News Roundup for Jan. 14, 2022

Living in space destroys astronauts’ red blood cells