BitTorrent Is Latest Investor in WOO Networks $30M Series A Round
The liquidity network will be working cooperatively with BitTorrent and the BitTorrent Chain on several different initiatives in trading involved CeFi and DeFi
BitTorrent, a provider of peer-to-peer (P2P) protocols and products, has confirmed the completion of its strategic investment into WOO Network as part of a Series A funding round, which was first announced on November 9, 2021.
The investment round has been led by Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital. The round also includes contributions from several key partners.
BitTorrent is notably the latest investor to join this list and will provide strategic advice and guidance on growth and various go-to-market strategies. As part of this collaboration, BitTorrent and WOO Network will be working on different initiatives like liquidity for CeFi and DeFi venues. They will also be focused on supporting the BitTorrent Chain (BTTC).
BitTorrent Chain to Be Compatible with TRON, Ethereum, BSC
Introduced on November 4, 2021, the BTTC is reportedly one of the first heterogeneous cross-chain interoperability scaling solutions in the TRON ecosystem. As noted in the update, BTTC will be supported and will be compatible with TRON, Ethereum, and Binance Smart Chain (BSC) once it has been deployed.
As explained in the announcement, users may transfer mainstream or widely-adopted assets between TRON, Ethereum, and BSC in a decentralized fashion without any fixed limit.
Steve Liu, CEO of BitTorrent, said that they are pleased to be welcoming WOO Network as one of the key ecosystem participants on the BitTorrent Chain. Liu added that they believe in supporting innovative ideas and via this investment, they are looking forward to supporting the WOO Network in offering “democratized” and “network-agnostic” liquidity.
As a platform-agnostic liquidity provider, an alliance with BTTC is a good fit for WOO Network, which has considerable experience working with different blockchains, such as BSC and Ethereum. Last month, WOO Network introduced the WOOFi Swap, which is described as a decentralized or non-custodial exchange that leverages granular market data to simulate the liquidity from their order book on-chain.
As noted in the announcement, WOO Network and BitTorrent will look into various opportunities to introduce similar products on BTTC. These solutions will aim to take advantage of the throughput, speed, and affordable transaction fees to provide traders a more seamless experience.
Ran Yi, Chief of Ecosystem Development at WOO Network, said that there are very few companies in this space that have the same level of reach, experience, and resources that BitTorrent has acquired. Yi also mentioned that this is one of the main reasons that they are confident in BitTorrent Chain to establish a solid network and it’s also why they are keen to take part in implementing solutions along with them.
WOO Network to Accelerate Market Expansion Efforts
Yi added that this collaboration has the potential to open up “a whole new audience of traders and users to the WOO Network suite of products.”
As mentioned in the update, WOO network will use the proceeds from the funding round to accelerate its market expansion via talent acquisition and launching a research & development (R&D) office in Warsaw, Poland. The funding will also be directed towards the ongoing development of various product lines like futures, social trading, and a number of DeFi trading and yield generating services.
Established in 2004, BitTorrent is notably one of the biggest P2P networks in the world, with around 100 million active users, who are driving 22% of upstream and 3% of downstream traffic internationally.
Meanwhile, TRON is focused on supporting the decentralization of the Internet by harnessing the power of blockchain technology and decentralized applications (dApps). Established in September 2017 by Justin Sun, the organization has been committed to providing innovative products.
The TRON MainNet went live in May 2018. In July 2018, TRON announced the acquisition of BitTorrent.The TRON ecosystem has gained steady traction with more than 52 million users on the blockchain and around 2.3 billion transactions. TRON also supports the largest circulating supply of stablecoins, overtaking USDT on Ethereum in April of this year.
As noted in the update, the WOO Network is a deep liquidity network that connects traders, exchanges, institutions, and DeFi platforms with democratized access to liquidity and trading execution at a lower overall cost.
Its main product, WOO Z is described as an advanced trading platform that includes customizable modules and lower to zero-fees along with deep liquidity. WOO Network has reportedly been incubated by Kronos Research, a quantitative trading company generating $5-10B in 24-hour volume.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Back to the list