Binance LAbs announced its strategic investment of $12 million in Series A+ round of WOO Networks.
The two firms have had a long standing relationship and now join forces to expand their accord in a series A+ funding round .
WOO Network is a liquidity platform that connects users to exchanges, institutions, and DeFi networks. The firm provides active liquidity to 40+ institutions, exchanges, trading teams, wallets and decentralized applications.
WOO Network first started providing liquidity on Binance Smart Chain (BSC), in 2021, through its decentralized WOOFi products. These are products that use WOO Network’s custom market data feeds and enhanced evasion strategies to provide profoundness of the centralized markets; this can be done without having to use excessive on-chain capital.
In light of recent events, WOO Networks liquidity now assists a various number of decentralized protocols such as DYDX, Matcha, ParaSwap, 1 inch, and DODO, weighing capital-efficient solutions to attain dominance over passive liquidity providers. Rani Yi, the chief of Ecosystem Development at WOO Networks said,
“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange. Getting the opportunity to formalize our relationship with Binance will allow us to rapidly accelerate our growth by working closer with Binance across all their industry verticals. As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship.”
Binance follows the trail of other industry heavy weights
The currently bagged funds from Binance are an inclusion to the $30 million Series A funding round that WOO Networks had completed in November 2021. this was led by industry giants such as Three Arrows Capital, Crypto.com Capital, Bittorent, and Avalanche.
In perspective, WOO Networks also provides liquidity to Bittorent’s recently launched Bittorent Chain. It is a cross-chain interoperability scaling code in the TRON world, this will also be in terms with Ethereum and BSC, letting users have a hassle-free transfer of currency amongst the above-mentioned blockchains.