Binance Backs WOO Network With A $12 Million Strategic Investment
January 14 2022 - 11:00AM
NEWSBTC
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. Related Reading
| TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K
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. 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. Related
Reading | President Bukele Predicts BTC At $100k With Hope
That More Countries Adopt It As Legal Tender 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
Avalanche (COIN:AVAXUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Avalanche (COIN:AVAXUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024