Binance Labs, the venture capital arm of the world’s leading crypto exchange announced a $12 million strategic funding into institutional liquidity provider Woo Network. Woo Network provides 40+ institutions, exchanges, trading teams, wallets, and defi platforms with active liquidity. Woo network offers two main products namely WOO Trade for institutional investors, and a retail-focused platform called WOO X,
Peter Huo, Binance Labs investment director 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 [Binance Smart Chain]. Binance appreciates the importance of liquidity platforms and looks forward to investing in and collaborating with industry leaders such as WOO Network.”
The latest funding round saw Woo raise over 12 million dollars which is the second leg of the Series A funding round. The platform has raised $30 million earlier in November last year that saw participation from Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent. The firm aims to utilize the newly raised capital for rapid expansion through talent acquisition, research and development, and the development of new decentralized products.
Binance is mainly known for its massive spot and futures market trading volume, but its incubation arm Binance Labs has also proven to be a great platform for upcoming and new projects. Polygon (MATIC) is another prominent example of how the incubation platform has helped small crypto startups to become the giants of tomorrow.
Changpeng Zhao took to Twitter to acknowledge their latest investment and said “invest in the industry.”
The world’s leading platform closed the year 2021 on a high despite some early regulatory hiccups. The crypto platform forged several new partnerships in the Asia Pacific region and Gulf nations. Binance is now looking to build new headquarters and forge new partnerships to expand its ever-growing user base.
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