Binance Labs, the venture capital arm of the leading global cryptocurrency exchange Binance, has announced $12 million in strategic funding for its institutional liquidity project, Woo Network.
The “Woo Network” project provides its services to more than 40 institutions, trading platforms, wallets and liquidity providers.
The “Woo” project also offers two main products:
- WOO Trade for institutional investors.
- A platform focused on retail called WOO X.
Peter Hugh, Chief Investment Officer, Binance Labs, said:
The WOO project adds significant value to the crypto ecosystem by providing deep liquidity and fee-free on- and off-network trading.
We are excited to expand our long-term relationship and explore more collaborations, especially on the Binance Blockchain.
Binance appreciates the importance of liquidity platforms and looks forward to investing and collaborating with industry leaders such as WOO Network.
The latest funding round saw Woo raised more than $12 million and is the second stage of a Series 1 funding round.
The platform raised $30 million earlier in November last year and saw the participation of several large investment funds such as:
“Three Arrows Capital”, “Crypto.com Capital”, “Avalanche” and “BitTorrent”.
The company aims to leverage newly raised capital for rapid expansion through talent acquisition, research and development, and new decentralized product development.
Binance Incubator has transformed many small projects into large companies:
Binance is primarily known for its huge trading volume in the spot and futures market, but its investment arm, Binance Labs, has also proven to be a great platform for upcoming and new projects.
Project Polygon (MATIC) is another notable example of how Binance is helping small businesses become the giants of tomorrow.
Changpeng Zhao took to Twitter to acknowledge their latest investment and stated:
Invest in the industry.
— CZ 🔶 Binance (@cz_binance) January 4, 2022
After the recent investment from Binance in the “woo network” project, the digital currency WOO of this project jumped above the $1 level after it was trading at $0.91 levels in the last 24 hours and grew by 20%.
The Cardano project puts more emphasis on DAPPS
Italian Bank “Generali” Adds and Integrates Bitcoin Services…Details Here