Binance Invests $12M in Liquidity Platform WOO Network
The venture capital arm of Binance announced a $12 million strategic investment in WOO Network, a liquidity platform that connects users to exchanges, institutions and decentralized finance (DeFi) networks.
“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on [Binance Smart Chain],” said Peter Huo, Binance Labs investment director, in the press release.
WOO Network provides liquidity to over 40 institutions, exchanges, trading teams, wallets and decentralized applications. The company’s products include WOO Trade, a platform for institutional investors, and the retail-focused WOO X, which combines zero-fee trading and deep liquidity.
Last year, WOO Network began providing liquidity on Binance Smart Chain with the launch of WOOFi Swap, which uses the liquidity network and institutional market-making techniques to improve pricing and reduce slippage. WOO also provides liquidity to other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch and DODO.
WOO Network closed a $30 million Series A round in November that included investments from strategic partners Three Arrows Capital, Crypto.com Capital, Avalanche and BitTorrent.
Founded in 2017, Binance Labs tends to make early-stage investments in companies such as hackathon organizer DoraHacks and interoperability startup LayerZero. But the investor and incubator has also participated in later, larger rounds such as the recent $110 million Series C for crypto staking firm Figment, which was led by investment firm Thoma Bravo.Source