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Binance Labs invests $12 million in WOO Network

Updated: Jul 25, 2024
Published: Jan 4, 2022
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Decentralized finance liquidity provider WOO Network has raised additional funding in a Series A funding round.

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WOO Network raises $12 million strategic investment

WOO Network has raised an additional $12 million in strategic investment during a Series A+ funding round led by Binance Labs. The protocol had already raised $30 million in November, including investments from strategic partners Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent. WOO Network provides liquidity to dozens of institutions, exchanges, trading teams, wallets, and decentralized applications. DYDX, ParaSwap, 1inch, and DODO are the primary protocols supported by the DeFi platform.

The announcement highlights that WOO Network began providing liquidity on the Binance Smart Chain (BSC) last year. WOO claims to offer cheap liquidity thanks to algorithmic aggregation and trading techniques. Clients wishing to facilitate liquidity can use the API, or the network's proprietary trading interface WOO X. Binance Labs investment director Peter Huo said the new partnership would expand future collaboration on BSC.

What is Binance Labs?

Binance Labs, the venture capital and incubation arm of the largest crypto exchange by volume, has made several investments in the crypto  ecosystem in 2021. Since its inception in April 2018, Binance Labs has incubated over 100 projects in more than 25 countries worldwide. It recently led a $60 million investment in Multichain, a cross-chain protocol, and participated in Figment's $110 million Series C funding.

The head of ecosystem development at WOO Network, Ran Yi, pointed out that Binance has the highest concentration of volume and users. "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," he added.

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