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Binance Labs led a $12 million Series A+ investing round for DeFi liquidity provider WOO Network.
WOO Network, a DeFi liquidity provider, has acquired further funds in a Series A fundraising round.
WOO Network, which has been developed by statistical trading heavyweight Kronos Research, has secured an added $12 million strategic investment in a Series A+ funding round headed by Binance Labs. On Tuesday, Binance Labs confirmed the new funding adding to WOO Network's $30 million Series A funding round.
WOO Network is well-known for providing liquidity to a large number of institutions, exchanges, trade groups, wallets, and decentralised apps. The major protocols facilitated by the DeFi platform are DYDX, Matcha, ParaSwap, 1inch, and DODO. WOO contends to deliver low-cost liquidity through algorithmic aggregation and trading strategies.
Users can utilise the API or WOO X, the network's trading platform, to assist expedite liquidity.
WOO Network commenced offering liquidity on the Binance Smart Chain (BSC) the previous year, according to the announcement.
Ran Yi, the chief of ecosystem development at WOO Network, stated that Binance has the maximum concentration of volume and users. “Getting the opportunity to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working closer with Binance across all their industry verticals,” he said.
The new cooperation, according to Binance Labs investment director Peter Huo, would enhance future partnerships on BSC.
In 2021, Binance Labs, the top crypto exchange by volume's venture capital and development arm, conducted a series of investment agreements in the DeFi ecosystem, along with a $2.4 million fundraising round for Polkadot-based smart contract platform Plasm Network and a $60 million investment round for cross-chain protocol Multichain.
