Binance is the biggest exchange platform for trading crypto currency. The exchange boasts over 20 million registered users thanks to its intuitive interface. In addition, the platform supports several cryptocurrencies that would boost an investor’s portfolio.
Binance, a venture capital arm of Binance, has made a strategic $12 million investment to help it move forward with its goal to provide enhanced services and performance to its customers. WOO Network, a liquidity platform is where the investment was made. The liquidity platform links users with exchanges and DeFi networks.
Binance Labs was founded in 2017 and has established relationships with several companies through its early stage investments.
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DoraHacks is the hackathon’s organizer and LayerZero an interoperability company. Binance participated in large fundraising rounds such as the Series C $10 million fundraising round for Figment. Figment is a cryptocurrency staking company. Thoma Bravo was the leader of this fundraising effort.
Through a press release, Binance Labs Investment Director Peter Huo put forth his reactions to the company’s investment. First, he acknowledged WOO Network’s remarkable impact on the entire crypto ecosystem using its features and functionality. He mentioned that the Network provides zero-fee trading on and off-chain as well as deep liquidity.
Furthermore, Huo expressed his company’s excitement through its long-lasting relationship expansion. Binance’s Director stated that the company used the funds to further explore collaborations.
Because of its impressive growth, Binance invests at WOO
WOO Network provides liquidity to more than 40 exchanges and institutions as well as wallets, trading groups, trading teams, and other DeFi apps. WOO Trade, WOO X and other outstanding products are also available on the network.
WOO Trade, a crypto trading platform for institutional investors, is used by institutions to conduct their transactions. WOO X, on the other hand, focuses more on retail and combines deep liquidity with zero-fee trading.
WOOFi Swap launched last year and WOONet began liquidity provision for Binance Smart Chain. The WOOFi Swap employs both the market-making technique from the institution and the network’s liquidity to reduce slippage and enhance pricing.
WOO Network also supplies liquidity to other decentralized protocols. Matcha and DYDX are examples of such DeFi projects.
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WOO Network closed its Series A round of fundraising in November 2021 with $30 million. This fund includes investments from Bit Torrent and Avalanche as well as Three Arrows Capital and Crypto.com.
CoinGecko claims that the price of WOO tokens has increased by 10% within 24 hours. The Network also recently reached a market capital of $1 billion.
Featured image taken from TradingView.com, Binance. Charts