Binance LAbs made a strategic investment of $12 million in WOO Networks’ Series A+ financing.
The two companies have had a long-standing partnership and are now teaming together to grow it in a series A+ fundraising round.
WOO Network is a liquidity platform that connects users to exchanges, financial institutions, and decentralized networks. More than 40 institutions, exchanges, trading teams, wallets, and decentralized applications rely on the firm for active liquidity.
WOO Network’s decentralized WOOFi products initially started offering liquidity on Binance Smart Chain (BSC) in 2021. These products utilize WOO Network’s proprietary market data feeds and enhanced evasion tactics to give centralized market depth without requiring excessive on-chain cash.
Following recent events, WOO Networks liquidity now supports decentralized protocols, including DYDX, Matcha, ParaSwap, 1 inch, and DODO, assessing capital-efficient alternatives to gain a competitive advantage over passive liquidity providers. WOO Networks’ chief of ecosystem development, Rani Yi, remarked,
“Binance has by far the biggest concentration of volume and users of any centralized exchange when it comes to liquidity.” We will be able to fast accelerate our growth by working closer with Binance across all of their industry verticals now that we can formalize our engagement with them. We are perfectly positioned to grow our strategic connection as a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and guide early-stage enterprises.”
Binance following the footsteps of other strong hitters in the market
Binance’s cash will be added to WOO Networks’ $30 million Series A fundraising round, concluded in November 2021. Three Arrows Capital, Crypto.com Capital, Bittorent, and Avalanche led the charge.
WOO Networks, for example, is a liquidity provider for Bittorent’s recently established Bittorent Chain. It is a TRON-specific cross-chain interoperability scaling algorithm that will also work with Ethereum and BSC, allowing users to transfer money across the three blockchains with ease.
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