Binance exchange’s venture capital arm has announced a strategic investment of $12 million in WOO Network, a liquidity platform that connects exchanges, institutions and decentralized finance (DeFi) networks. On top of that, the price of the network’s altcoin WOO increased.
Binance announces new investment
WOO Network provides liquidity to more than 40 institutions, exchanges, trading teams, wallets and decentralized applications. The company’s products include WOO Trade, a platform for institutional investors, and WOO X, an individual investor-focused combination that combines zero-fee trading with deep liquidity. Peter Huo, investment director at Binance Labs, had this to say about the partnership:
WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading, both on-chain and off-chain. We are excited to expand our long-term relationship and explore more collaborations, especially on Binance Smart Chain.
Last year, WOO Network began providing liquidity on Binance Smart Chain with the launch of WOOFi Swap, which uses the liquidity network and institutional market-making techniques to improve pricing and reduce slippage. WOO also provides liquidity to other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch and DODO. WOO Network closed its $30 million Series A round in November, which includes investments from strategic partners Three Arrows Capital, Crypto.com Capital, Avalanche and BitTorrent. After the latest developments, WOO Network’s WOO token rose from $ 0.91 to $ 1.17.