Binance Labs, the division of Binance, which backs and supports blockchain projects, unveiled a $12 M investment in the startup Woo Network. Established in 2019 in Taiwan, the network provides liquidity to over 40 institutional customers, different protocols and traders.
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It has a native utility crypto WOO, which is based on Ethereum. At the moment, WOO trades at around $1.In the blog post, published on January 4, Binance Labs mentioned that WOO platform started to deliver liquidity on Binance Smart Chain in 2021 via WooFi, which is a decentralized venue. WooFi users can swap and stake assets, also earning yield. WOO presents the WooX exchange and WooTrade for institutions. In Nov. 2021 the startup closed the Series A funding round with about $30 M raised. Among the investors of the round were Three Arrows Capital, QC P Capital, Crypto.com Capital, Avalanche, and others.
WOO Network’s Chief Ecosystem Officer, Ran Yi said that Binance has the most liquidity volume and the largest user base among centralized platforms for crypto trading activities. He mentioned that partnering with Binance, the company will be able to speed up its advancement.
Head of Investment at Binance Labs, Bill Chin talked about the essential role of liquidity providers, saying that Binance will continue to find investment and partnership opportunities with leading companies like WOO Nerwork. Investment Manager at the company, Peter Huo also expressed his readiness to expand the cooperation with WOO and discover possible partnerships.
Since its launch in 2018, Binance has invested in over 100 projects. One of the latest investments that the company made was a $60 M one in the project Multichain.