Binance Labs invests $12 Million in WOO Network as a part of its investment strategy. The investment will aid WOO’s expansion and R&D.
Binance Labs, the investment arm of Binance, declared that it has invested $12 million in deep liquidity provider WOO Network. In an announcement made today, Binance labs revealed the investment and how it will fortify the long-term relationship of both the firms even further.
According to the announcement, Binance’s investment subsidiary led the series A+ funding round for WOO Network. The funding round The investment amount, according to Binance, will go into the further expansion of the liquidity platform’s network. In addition, WOO will look at using the acquired funds for hiring new talent and swelling its product offering portfolio.
WOO Network is a leading liquidity provider that proffers active liquidity to a host of crypto firms, exchanges, wallets and more. Its clientele includes over 40 institutions, crypto exchange platforms, crypto wallets, and several other decentralised applications. The liquidity network offers its deep liquidity service sans any trading fee for on-chain as well as off-chain transactions.
According to Binance Labs’ investment director Peter Huo, their newly acquired stake in WOO will bring significant value to the crypto landscape. He also added that Binance is excited about future collaborations with WOO.
The Tryst of Binance and WOO Network
Binance’s disposition towards developments in the blockchain network is not unknown. Since 2017, Binance Labs, Binance’s venture capital arm has been eyeing early-stage blockchain startups and technologies. It has been making investments left and right in order to empower the blockchain ecosystem. And this new investment in WOO is a part of its larger motive.
WOO Network was founded and incubated in 2019 by Kronos Research, a quantitative research firm. In 2021, WOO Network started using Binance’s blockchain network to offer its liquidity services. WOO begin hosting its WOOFi products, a range of its decentralised product offering on the Binance Smart Chain (BSC). Since then, both the firms have formed a deep professional relationship.
Binance’s Head of investments Bill Chin said that Binance is the world’s leading crypto exchange. Hence, it understands the cardinality of liquidity platforms for the crypto ecosystem. And thus, Binance is always looking forward to investing & joining forces with platforms such as WOO Network.