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Binance Backs WOO Network With A $12 Million Strategic Investment


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Binance is the largest trading platform by volume within the crypto industry. With its easy-to-use interface, the exchange has more than 20 million users. In addition, the platform supports several cryptocurrencies that will enhance the investor’s portfolio.

In its transition to improving performance and services for clients, Binance has a strategic investment of $12 million through its venture capital arm. Invest in the WOO Network liquidity platform. This liquidity platform connects users with exchanges, DeFi networks, and other organizations.

Binance Labs, which launched in 2017, has built relationships through early-stage investments in several companies.

Related reading | TA: Bitcoin’s Rebound to $42,000, Why Bitcoin Could Recover to $43.5K

Some of them include DoraHacks, the hackathon organizer, and LayerZero, the interoperable startup. Also, Binance has participated in larger fundraising rounds such as the $10 million Series C fundraising round for Figment, a cryptocurrency aggregator. Thoma Bravo has been at the forefront of this fundraising project.

Through a press release, Binance Labs Investment Director Peter Huo shared his reactions to the company’s investment. First, I acknowledge the significant impact WOO has had on the entire crypto system using its features and functionality. He also noted the network’s provision of fee-free trading through deep and off-chain liquidity.

Furthermore, Huo expressed the excitement of his company through the expansion of their long-term relationship. The Binance director commented that the company is using the investment to explore its collaboration further.

Binance invests in WOO due to explosive growth

The WOO network provides liquidity to more than 40 exchanges, institutions, wallets, trading teams and other DeFi applications as a platform for liquidity. In addition, the network boasts some premium products such as WOO Trade and WOO X.

WOO is down 6% in the last 24 hours | Source: WOOUSDT on TradingView.com

WOO Trade is a platform that institutional investors use for their crypto transactions. On the other hand, WOO X focuses on retail by combining deep liquidity with zero-fee trading.

The WOO Network started offering liquidity on the Binance Smart Chain last year with the launch of WOOFi Swap. WOOFi Swap uses both enterprise market making technology and network liquidity to reduce slippage and improve pricing.

Moreover, other decentralized protocols get their liquidity supply from the WOO network. Includes DeFi projects such as Matcha, DYDX, DODO, ParaSwap, and 1 inch.

Related reading | President Bukele expects BTC to be at $100,000 in the hope that more countries will adopt it as legal tender

The first round of fundraising for WOO closed in November 2021 with a whopping $30 million. The fund is seeding investments from Bit Torrent, Avalanche, Three Arrows Capital and Crypto.com.

According to CoinGecko, the WOO token has seen a 10% price increase in the past 24 hours. Also, the network recently recorded a market capitalization of around $1 billion.

Featured image from Binance, Charts from TradingView.com
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