Binance Lab, the investment arm of Binance cryptocurrency exchange has made a $12 million strategic investment in Woo Network, as the liquidity provider closes its Series A+ funding round. According to the announcement by the trading platform, the investment will support WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.
Woo Network is a key player in the provision of liquidity services to central players in the decentralized finance (DeFi) ecosystem. At present, Woo Network supplies liquidity to more than 40 institutions including trading platforms, trading teams, wallets, and decentralized applications. Amongst the prominent clients that the Woo Network has tapped since its inception include DYDX, Matcha, ParaSwap, 1inch, and DODO, helping to leverage capital-efficient solutions to gain an edge over passive liquidity providers.
“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange,” said Ran Yi, Chief of Ecosystem Development at WOO Network. “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. As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship.”
This latest funding round comes on the back of the startup’s $30 million Series A funding round conducted back in November. The prior round enjoined participation from Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.
Binance Labs Investment Shows VCs are Game On in 2022
The previous year, 2021 saw an enormous backing of crypto-focused firms by Venture Capital firms, most of whom took strategic positions in an industry that is considered to have a very bright future. Besides Woo Network, Solidus also ranked as one of the startups that has benefitted from investor funding in recent times.
With the Binance investment in Woo Network, there is a confirmation that investors are not going to relent in their support of the industry, and the platform’s executives confirmed their readiness to continually back innovative protocols.
“As the leading crypto exchange globally, Binance appreciates the importance of liquidity platforms and looks forward to investing in and collaborating with industry leaders such as WOO Network,” said Bill Chin, Head of Investment at Binance Labs
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