Binance exchange’s venture capital arm 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. As Kriptokoin.com , we provide the details…
Binance announces its new investment
WOO Network, more than 40 institutions, stock markets, trade team, provides liquidity to wallets and decentralized applications. The company’s products include WOO Trade, a platform for institutional investors, and WOO X, an individual investor-focused platform that combines zero-fee dollar trading with deep liquidity. Peter Huo, director of investment at Binance Labs, said about the partnership:
WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-feedollar 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-building techniques to improve price-sharing 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 went from $ 0.91 to $ 1.17.