Binance Labs leading $12M round for DeFi platform WOO Network
WOO Network, the decentralized finance (DeFi) liquidity provider, has reported to have secured additional funds in a Series A funding round.
Initially incubated by quantitative trading heavyweight Kronos Research, WOO Network has recorded pocketing an additional $12 million strategic investment in the Series A+ funding round. The funding led by Binance Labs, is part of fresh funding that took place on January 4, building upon the WOO Network’s $30 million Series A funding round.
WOO Network is popular for adding liquidity to tens of institutions, wallets, exchanges, decentralized applications and trading teams. Matcha, DYDX, ParaSwap, DODO and 1inch are the primary protocols that are supported by the DeFi platform.
WOO claims providing cheap liquidity algorithmic aggregation as well as trading techniques. Clients that aim to facilitate the liquidity can utilize the API or the network’s own trading interface, WOO X.
The announcement has highlighted that WOO Network had started to provide liquidity on the Binance Smart Chain (BSC) last year in 2021.
Chief of Ecosystem Development, Ran Yi, from WOO Network, has pointed out that Binance has the highest concentration of both the volume and users. He added that getting the opportunity of formalizing their relationship with Binance would also allow them to rapidly accelerate their growth “by working closer with Binance across all their industry verticals.”
Investment Director at Binance Labs, Peter Huo, has said that the new partnership would even expand future collaborations on BSC.
Binance Labs, the venture capital and incubation arm of the largest crypto exchange by volume, had also led a number of investment deals in the DeFi ecosystem in 2021, that included a $2.4 million funding round for the firm Plasm Network (Polkadot-based smart contract platform), in addition to the $60 million in financing for cross-chain protocol Multichain.
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