Binance Labs has reportedly invested $12 million in WOO Network as the two parties focus on further expanding their long-standing relationship.
As mentioned in an update from Binance Labs, the investment will aim to “support WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.”
Binance Labs, the VC and innovation incubator of Binance, noted that the Series A+ round will aim to support WOO Network, a liquidity platform that “connects users to exchanges, institutions, and DeFi networks.”
As explained in the update, the WOO Network offers “active liquidity to 40+ institutions, exchanges, trading teams, wallets, and decentralized applications.”
Incubated back in 2019 by quantitative trading firm Kronos Research, WOO Network is able to offer the most affordable liquidity via algorithmic aggregation and trading techniques. Clients connect to the centralized network “directly via API, or through the more user-friendly WOO X graphical user interface,” the update explained.
Since last year, WOO Network started offering liquidity on Binance Smart Chain (BSC) through their decentralized WOOFi products, which “use WOO Network’s custom market data feeds and advanced hedging strategies to provide the depth and spreads of centralized markets without the need for excessive on-chain capital.”
The announcement also mentioned that WOO Network liquidity now “backs a number of decentralized protocols, including DYDX, Matcha, ParaSwap, 1inch, and DODO, leveraging capital-efficient solutions to gain an edge over passive liquidity providers.”
Ran Yi, Chief of Ecosystem Development at WOO Network stated:
“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange. 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. As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship.”
Bill Chin, Head of Investment at Binance Labs, remarked:
“As the leading crypto exchange globally, Binance appreciates the importance of liquidity platforms and looks forward to investing in and collaborating with industry leaders such as WOO Network.
Peter Huo, Investment Director at Binance Labs, added:
“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 BSC.
WOO Network’s Series A+ fundraising round “comes on the heels of their $30m Series A announced in November, headlined by strategic partners such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.”
Binance Labs has also announced a strategic investment in Coin98, an all-in-one DeFi platform building a full suite of products, “including Coin98 Wallet, Coin98 Exchange, and Space Gate cross-chain bridge to migrate tokens across networks.”
Coin98 will “contribute to DeFi infrastructure on Binance Smart Chain (BSC) through the strategic investment.”