Crypto exchange, Binance has announced its $12million investment in WOO network. The leading crypto exchange made this known on its official page on the 4th of January. ayokinews.com reports
The recent investment by Binance labs is a sequel to the Series A funding round carried out late last year by Woo network. In the Month of November 2021, WOO network successfully raised $30 million from multiple venture capitalists. Avalanche, BitTorrent, and Three Arrows Capital are some of the big names in the industry that participated in the Series A funding late last year.
WOO Network – A Suitable Liquidity Protocol
Woo network is known for the balance it brings to the crypto ecosystem by providing huge liquidity and accepting little to no fees for transactions done both on-chain and off-chain. At the moment, the network serves as a liquidity provider to over 40 different exchanges and dApps.
Speaking on the recent investment by Binance, Peter Huo, the investment director at Binance labs said: “We are excited to expand our long-lasting relationship and explore further collaborations, especially on [the Binance Smart Chain].”
The Woo network began providing liquidity on the BSc network in 2021. This was aided by the launch of WOOfi Swap. The protocol harnesses institutional market-making techniques to provide liquidity with minimal slippage and more accurate pricing.
In the past 24 hours, the price of WOO token surged as high as $1.17 recording an increase of over 20% since the announcement. The market cap of Woo token is just a little less than $1 billion.