The venture capital arm of Binance announced a $12 million strategic investment in WOO Network, a liquidity platform that connects users to exchanges, institutions and decentralized finance (DeFi) networks.
- “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 the press release.
- WOO Network provides liquidity to over 40 institutions, exchanges, trading teams, wallets and decentralized applications. The company’s products include WOO Trade, a platform for institutional investors, and the retail-focused WOO X, which combines zero-fee trading and deep liquidity.
- 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 a $30 million Series A round in November that included investments from strategic partners Three Arrows Capital, Crypto.com Capital, Avalanche and BitTorrent.
- Founded in 2017, Binance Labs tends to make early-stage investments in companies such as hackathon organizer DoraHacks and interoperability startup LayerZero. But the investor and incubator has also participated in later, larger rounds such as the recent $110 million Series C for crypto staking firm Figment, which was led by investment firm Thoma Bravo.
Read more: Crypto Exchange WOO Network Closes $30M Series A
