Binance lab officially cooperates with the Woo Network
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Binance invests $12m in Woo Network
Binance Labs is a subsidiary of Binance, founded in 2017. It is the largest cryptocurrency exchange in the world by trading volume. Yesterday Binance Labs announced a strategic $12 million investment in the WOO Network. It is a liquidity platform that connects users to exchanges, institutions, and decentralized finance (Defi) networks.
The WOO Network brings liquidity to over 40 institutions, exchanges, trading pools, wallets, and decentralized applications. The company’s products include WOO Trade and WOO X. WOO Trade is the platform for institutional investors. WOO X focuses on retail. Moreover, WOO X has deep liquidity and free trades.
The WOO network brings significant value to the cryptocurrency ecosystem. Deep liquidity and free online transactions bring great value to users. The Chief Investment Officer of Binance Labs stated that Binance is delighted to partner and looks forward to a long-term relationship between WOO and Binance Smart Chain.
Woo Network and Binance Smart Chain
Last year, the WOO Network launched the WOOFi Swap using liquidity on the Binance Smart Chain. WOOFi uses liquidity networks and institutional market-making techniques to improve prices and reduce slippage. WOO also provides liquidity for other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch, and DODO.
The WOO Network closed a $30 million Series A funding round in November. The round involved Avalanche, BitTorrent, Crypto.com Capital, and Three Arrows Capital.
Prices for the project’s WOO tokens have increased by 10% in the past 24 hours, nearing a market cap of $1 billion.
News of Binance Labs’ $12 million investment has given Woo Network a positive response. The WOO token has increased by more than 25% just seconds after the official announcement. Its value increased from $0.93 to $1.20. The market cap crosses the $1 billion mark, according to data on crypto aggregator platform CoinGecko. Although it has fallen slightly from its peak price, WOO is still above $1.
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