coincodex.com
Key takeaways:
- Leading decentralized P2P network BitTorrent announced it completed its initial investment in WOO Network as a part of the $30 million Series A funding round
- BitTorrent and WOO Network will collaborate on creating liquidity providing solutions and on the newly launched BitTorrent Chain
- BTTC will be compatible with Binance Smart Chain, Ethereum, and TRON and allow seamless transfer of digital assets between different blockchain networks
BitTorrent, a leading peer-to-peer (P2P) infrastructure provider, has announced it completed its first investment in the WOO Network as a part of the Series A funding round. The two blockchain companies will work together on providing liquidity to the decentralized ecosystem and on the BitTorrent Chain (BTTC).
WOO Network is one of the first ecosystem participants on the new BitTorrent Chain
The WOO Network’s strategy of providing liquidity across various centralized and decentralized blockchain platforms makes it a perfect fit for the newly launched BitTorrent Chain, the first proof-of-stake (PoS) cross-chain protocol utilizing sidechains on the TRON network. In addition to compatibility with TRON, BTTC will support Ethereum, and Binance Smart Chain (BSC) right out of the gate. The interoperability will allow decentralized finance (DeFi) users of the three blockchain ecosystems to seamlessly transfer their crypto assets between one another.
Steve Liu CEO of BitTorrent talks about the importance of facilitating network-agnostic liquidity:
“We are thrilled to welcome WOO Network as one of the initial ecosystem participants on the BitTorrent Chain. We believe in supporting innovative ideas and through this investment look forward to supporting the WOO Network in providing accessible democratized network-agnostic liquidity.”
WOO Network’s expertise in providing liquidity to decentralized networks, such as BSC and Ethereum is one of the key reasons for the newly formed alliance with BitTorrent. Additionally, BitTorrent is looking forward to deploying WOO Network’s blockchain solutions, similar to the recently launched decentralized exchange WOOFi Swap, on BTTC to provide the best trading experience in the space.
Ran Yi, Chief of Ecosystem Development at WOO Network talks about the partnership with BitTorrent:
“Few companies in this space have the reach, experience, and resources that BitTorrent has. This is one of the key reasons we are confident in BitTorrent Chain to build a robust network and why we are eager to take part in developing along with them. This partnership has the potential to open up a whole new audience of traders and users to the WOO Network suite of products.”
WOO Network raised $30 million in the recently concluded Series A round led by prominent alternative investment firms, including Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, and Crypto.com Capital. The funds will reportedly go towards WOO Network’s global market expansion and talent acquisition. The company is also planning to use the capital to develop new services such as futures and social trading, as well as a range of yield generating products.
Once the BitTorrent Chain mainnet launches on December 12, existing BitTorrent (BTT) tokens, “will be redenominated and swapped with the new at a ratio of 1:1000,” according to the company’s Twitter post. In anticipation of the BTTC mainnet launch, the price of BTT has increased by more than 7% in the past week.