cryptoknowmics.com
WOO Network, a liquidity platform that connects users to exchanges, institutions, and decentralized finance (DeFi) networks, has received a $12 million strategic investment from Binance's venture capital arm.
Over 40 institutions, exchanges, trading teams, wallets, and decentralized applications rely on WOO Network for liquidity. WOO Trade, a platform for institutional investors, and WOO X, a retail-focused platform that combines zero-fee trading and strong liquidity, are two of the company's products.
With the debut of WOOFi Swap last year, WOO Network began providing liquidity on Binance Smart Chain, utilizing the liquidity network and institutional market-making techniques to boost the price and reduce slippage. Other decentralized protocols like DYDX, Matcha, ParaSwap, 1inch, and DODO benefit from WOO's liquidity.
In November, WOO Network closed a $30 million Series A financing with strategic investors Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent.
Binance Labs, which was founded in 2017, focuses on early-stage investments in companies including hackathon organizer DoraHacks and interoperability startup LayerZero. However, the investor and incubator have also participated in later, larger rounds, like the recent $110 million Series C round sponsored by investment company Thoma Bravo for crypto staking startup Figment.