investing bitcoin

Binance Labs Launches Another Series A Funding: WOO Network Gets $12M

11.01.2022 10:39
by Nina Petrov
3 min read

Binance, the world’s largest crypto exchange, decided to support WOO Network, an important actor in the crypto market. Several days ago, WOO Network has received $12M worth of investment from Binance Labs. 

WOO Network is seen as a significant factor of financial liquidity, minimizing fees for on- and off-chain trading. The company brings together individual crypto investors, exchanges, and organizations to ensure sufficient currency flow within the industry.

Since its conception five years ago, Binance is known for its Series A and B investments. The company’s incubation program helped many startups at the early stages of their development, including BaseZero, Mavrik, and Keylabs.

However, Binance also invested in more mature crypto projects. Mythical Games, a quickly growing venture that brings together P2E and NFT technology is a good example. This organization received a $150 million investment from Binance in November. Coin98, a DeFi platform, and Figment, a crypto staking enterprise, were also generously sponsored by Binance in 2021.

The Investment Director at Binance Labs stated that this investment is a result of lasting cooperation between the two companies. He also added that his company is looking forward to joint projects in the future.

Binance Bitcoin coin
Source: Unsplash.com

The previous collaboration between the companies 

The cooperation between Binance and WOO Network started one year ago when WOO Network developed WOOFi Swap and integrated it on the Binance Smart Chain. The core algorithm of WOOFi Swap was designed to achieve on-chain liquidity and reduce exchange fees to no more than 0.1%.

There are multiple other institutions, trading clubs, exchanges, and DeFi apps that rely on WOO Network for obtaining liquidity. Apart from Binance, the company’s rich portfolio includes collaboration with a number of other companies, including ParaSwap, DODO, and 1inch.

Among the most eminent products of WOO Network are WOO X and WOO Trade. The first refers to a platform focusing on retail activities, combining deep liquidity with no or minimum fee trading. On the other hand, WOO Trade targets corporative and institutional crypto investors.

Bitcoin Exchange Laptop
Source: Unsplash.com

Other investors recognize the contribution of WOO Network to the crypto industry

It seems that Binance is not the only company appreciating the contribution of WOO Network to the crypto ecosystem. A couple of months ago, WOO Network received funding from a series of other companies, including BitTorrent and Avalanche, to name only a few. The total net investment was $30 million.

As a result of the investments, the market capitalization and the value of WOO Token are on the rise. 

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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