Binance Labs, the financial investment arm of the popular cryptocurrency exchange Binance, stated it had actually invested $12 million into institutional liquidity service provider WOO Network’s Series A+ financing round. Shortly after, the latter’s native token increased by double digits.
Binance Invests $12M in WOO Network
According to a main statement from Binance, the financial investment in WOO Network begins the heels of the task’s recently-concluded Series A finished round in November 2020.
The round saw WOO Network raise $30 million from significant financiers such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital,Crypto com Capital, Avalanche, and BitTorrent.
With the current capital injection from Binance Labs, Woo Network will release the funds into broadening its operations beyond its existing state through skill acquisition. It likewise prepares to improve the production of brand-new decentralized items, and research study and advancement.
Providing Liquidity for DeFi Platforms
Since its launch, WOO Network has actually supplied active liquidity to over 40 organizations, trading platforms, trading groups, cryptocurrency wallets, and decentralized application platforms. Some of those consist of tasks hosted on the Binance Smart Chain (BSC) like DODO, 1Inch, DYDX, and so on
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Commenting on the advancement, Peter Huo, Investment Director at Binance Labs, stated the company bought WOO Network since the task includes worth to the crypto market by supplying liquidity and zero-cost trading for both off-chain and on-chain.
“We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC,” Huo included.
Ran Yi, Chief of Ecosystem Development at WOO Network, stated:
“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.”
Meanwhile, Binance’s financial investment in WOO Network is the current from the exchange’s equity capital arm after it revealed last month that it had actually nurtured over 100 tasks worldwide considering that its creation in 2018.
WOO Coin Surges 25%
News of Binance Labs’ $12 million financial investment in WOO Network saw the task’s native cryptocurrency respond favorably.
Moments after the statement, the WOO token rose more than 25% to $1.20 from its preliminary $0.93, with the marketplace cap crossing the $1 billion mark, according to information on cryptocurrency aggregator platform Coin Gecko. Despite backtracking a little because that peak, WOO is still above $1.
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