Liquidity Provider Woo Network Secures $12 Million From Binance Labs

After providing liquidity to Binance Smart Chain in 2021, Woo Network’s Series A+ funding round gains a $12 million injection from Binance Labs.

By
Robert D. Knight
on
January 5, 2022
Category:
BSC News

WOO Network Receives Binance Labs Money

Following a $30 million Series A funding round, Decentralized Finance (DeFi) liquidity provider WOO Network has secured a further $12 million from Binance Labs. 

The partnership strengthens the bond between WOO Network and Binance Labs. The money will be used to support talent acquisition, research and development, and new product lines.

“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain,” Binance Labs Investment Director Peter Huo remarked in a blog announcement on January 4. “We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC.”
Source

WOO Network began providing liquidity on BSC in November. It now counts more than 40 institutions, exchanges, trading organizations, wallets, and decentralized applications as part of its liquidity provision network. Its client base ranges from institutional investors using the WOO Trade product to retail consumers trading with the WOO X platform, which combines zero-fee trading and deep liquidity.

Ran Yi, Chief of Ecosystem Development at WOO Network, said: “When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange. Getting the opportunity to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working closer with Binance across all their industry verticals.”

Binance commands the lion’s share of global crypto trading volume, with over $15.6 billion changing hands daily at the start of the year. Its venture capital arm, Binance Labs, has been making significant strategic investments in DeFi as part of its rapid expansion plans.

WOO Tokens are up 5% since the Binance Labs announcement.

WOO Network landing page | Source

What is WOO Network?

WOO Network provides active liquidity to 40+ institutions, exchanges, trading teams, wallets, and decentralized applications. Incubated in 2019 by leading quantitative trading firm Kronos Research, WOO Network is able to provide the cheapest liquidity through algorithmic aggregation and trading techniques. Clients connect to the centralized network directly via API or through the more user-friendly WOO X graphical user interface. 

Where to find WOO Network:

Website | Twitter | Medium | Telegram | Discord |

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy in ETH and BTC, plus he also hodls some smaller cryptocurrency.

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