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Binance Labs Leads $12 Million Series A+ Investment in WOO Network

2022-01-04

Main takeaways:

  • Binance Labs invested $12 million in WOO Network as the two parties expand their long-standing relationship.

  • The investment will support WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.

Binance Labs, the venture capital and innovation incubator of Binance, today announced its $12 million strategic investment in  Series A+ round of WOO Network, a liquidity platform that connects users to exchanges, institutions, and DeFi networks.

WOO Network provides active liquidity to 40+ institutions, exchanges, trading teams, wallets, and decentralized applications. Incubated in 2019 by leading quantitative trading firm Kronos Research, WOO Network is able to provide the cheapest liquidity through algorithmic aggregation and trading techniques. Clients connect to the centralized network directly via API, or through the more user-friendly WOO X graphical user interface. 

Since 2021, WOO Network began providing liquidity on Binance Smart Chain (BSC) via their decentralized WOOFi products, which use WOO Network’s custom market data feeds and advanced hedging strategies to provide the depth and spreads of centralized markets without the need for excessive on-chain capital. WOO Network liquidity now backs a number of decentralized protocols, including DYDX, Matcha, ParaSwap, 1inch, and DODO, leveraging capital-efficient solutions to gain an edge over passive liquidity providers. 

Ran Yi, Chief of Ecosystem Development at WOO Network 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.”

Bill Chin, Head of Investment at Binance Labs, said: "As the leading crypto exchange globally, Binance appreciates the importance of liquidity platforms and looks forward to investing in and collaborating with industry leaders such as WOO Network.

Peter Huo, Investment Director at Binance Labs, added: "WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain. We are excited to expand our long-lasting relationship and explore further collaborations, especially on BSC.

WOO Network’s Series A+ fundraising round comes on the heels of their $30m Series A announced in November, headlined by strategic partners such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.