DeFi Deep Liquidity Provider WOO Network Secures $30M From Three Arrows Capital, Others

WOO Network, a Decentralized Finance (DeFi) startup in the Cayman Islands has raised $30 million in equity funding from investors including Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital. As announced by the firm, the funding round also enjoined participation from AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research, AVATAR (Avalanche Asia Star Fund), and ViaBTC Capital.

WOO Network provides deep liquidity for investors looking to trade a large amount of Bitcoin (BTC) and Ethereum (ETH). Amongst the company’s primary trading platforms include WOO X, a trading platform that provides traders with high market liquidity at lower to zero trading fees, and WOOFi, a DEX platform providing the best possible swap prices and reduced slippage at lower fees. 

The funding according to the company was oversubscribed by 200 percent, with the participating investors drawing on the startup’s unique niche offering.

“While the exchange landscape is growing more competitive, WOO X is poised to make a mark with its deep liquidity coupled with lower to zero-fee trading – these two propositions are phenomenally useful for institutional and retail traders to achieve superior trading execution.” – Su Zhu – Co-Founder at Three Arrows Capital.

WOO Network to Fund Product Development and Expansion

WOO Network said it will use its new capital to fund its global expansion. It plans to start with the opening of a new R&D regional office in Warsaw, Poland, while also hiring new staff to help accelerate its product expansion. WOO Network also said it plans to float “new product lines such as futures, social trading, and a suite of innovative DeFi trading and yield generating products.”

Despite its current growth trajectory, evident by its daily trading volume surge from $20 million in 2020 to $1 billion as of October 2021, the startup affirms it has plans to expand its offerings in order to gain more grounds in the DeFi ecosystem.

“While WOO X remains the flagship CeFi exchange product of WOO Network, the fundraise allows us to set our sights further and venture deeper into the DeFi space through our suite of swapping and yield-generating products under WOOFi. These efforts will further extend the network’s vision of providing the best-in-class liquidity, trading execution, and yield-generating strategies at lower to no cost across CeFi and DeFi,” commented Jack Tan, Co-Founder of WOO Network.

The WOO Network capital raise is not uncommon in today’s crypto ecosystem. Many institutional funds have been entering into the space lately with one of the most prominent being FTX’s $420 million raise which was reported by TheCoinRise in October.