Binance Labs, an investment arm of popular cryptocurrency exchange Binance said that it had invested $12,000,000 in the Series A+ round of institutional liquidity provider WOONet’s Series B+ funding round. The native token of the latter soared by nearly double digits shortly after.
Binance invests $12M in WOO network
Binance has announced that the WOO Network investment follows the close of the recently concluded Series A round, which was completed in November 2020.
WOO Network raised $30 million from prominent investors like Gate Ventures and Three Arrows Capital.
Woo Network has received a capital injection from Binance Labs. The funds will be used to expand its operations and talent acquisition. It plans to increase the production of decentralized products and research and development.
Liquidity provided for DeFi Platforms
WOO Network launched in April 2017. It has since provided liquidity to more than 40 institutions, trading platforms and trading teams. WOO Network also provides active liquidity for cryptocurrency wallets and decentralized applications platforms. Some of these include projects hosted on Binance Smart Chain (BSC), such as DODO, 1Inch and DYDX.
Peter Huo (Investment Director at Binance Labs), commented on the development. He stated that the firm invested in WOO Network to add value to the crypto markets by providing liquidity and zero cost trading for both on and off-chain.
Huo said, “We are excited about expanding our long-lasting partnership and exploring further collaborations especially on BSC.”
Ran Yi, chief of ecosystem development at WOO Network said:
Binance is the centralized exchange with the greatest liquidity concentration. Binance’s formalization of our relationship will enable us to accelerate our growth and work closer with them across all industry verticals.
Binance’s investment into WOO Network by Binance is the latest venture capital deal from the exchange’s venture arm. It announced last month that the venture capital arm had incubated more than 100 projects worldwide since its inception in 2018.
WOO Coin Surges 25%
Binance Labs invested $12 million in WOO Network, and the native cryptocurrency reacted positively to the news.
The market cap of WOO reached $1 billion within minutes after the announcement was made, according to CoinGecko data. WOO remains above $1, despite a slight retracement since the peak.
WOO/USDT. Source: TradingView
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