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Prabhjeet Bhatla
Jan 4, 2022
by Prabhjeet Bhatla

Binance Invests $12M in Liquidity Platform WOO Network

Binance Invests $12M WOO Network
WOO Network, a liquidity platform that connects users to exchanges, institutions, and decentralized finance (DeFi) networks, has received a $12 million strategic investment from Binance's venture capital arm.
 “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 a press release.

Over 40 institutions, exchanges, trading teams, wallets, and decentralized applications rely on WOO Network for liquidity. WOO Trade, a platform for institutional investors, and WOO X, a retail-focused platform that combines zero-fee trading and strong liquidity, are two of the company's products.

With the debut of WOOFi Swap last year, WOO Network began providing liquidity on Binance Smart Chain, utilizing the liquidity network and institutional market-making techniques to boost the price and reduce slippage. Other decentralized protocols like DYDX, Matcha, ParaSwap, 1inch, and DODO benefit from WOO's liquidity.

In November, WOO Network closed a $30 million Series A financing with strategic investors Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent.

Binance Labs, which was founded in 2017, focuses on early-stage investments in companies including hackathon organizer DoraHacks and interoperability startup LayerZero. However, the investor and incubator have also participated in later, larger rounds, like the recent $110 million Series C round sponsored by investment company Thoma Bravo for crypto staking startup Figment.

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Binance Invests $12M in Liquidity Platform WOO Network
Prabhjeet Bhatla
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

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