Crypto Exchange WOO Network Closes $30M Series A

WOO Network is betting on deep liquidity to break into the crypto exchange landscape.

AccessTimeIconNov 9, 2021 at 2:00 p.m. UTC
Updated Nov 9, 2021 at 2:31 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Crypto exchange WOO Network closed a $30 million Series A round of funding from various investors, including Singapore-based Three Arrows Capital, according to a press release shared with CoinDesk.

  • The round was oversubscribed by 200%, the press release said.
  • WOO Network describes itself as a “deep liquidity network” and aims to provide “best-in-class liquidity” and connect traders, centralized exchanges, institutions and decentralized finance (DeFi) platforms.
  • Deep liquidity and zero-fee trading will help the startup make its mark on the competitive crypto exchange market, Three Arrows Capital co-founder Su Zhu said in the press release.
  • WOO Network started with WOO Trade, a platform for institutional investors, and launched retail-focused WOO X in August. WOO X offers zero-fee trading, aggregates market depth from other exchanges to achieve liquidity and sets up a liquidity pool with market makers and liquidity providers, according to a press release.
  • Daily trading volume on WOO platforms has grown from $20 million in early 2020 to an all-time high of $2.6 billion in mid-September, the press release said.
  • PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, the Avalanche Asia Star Fund (AVATAR), AscendEX, AntAlpha, MEXC Global, LBank, Fenbushi Capital, BitMart, 3Commas Capital, TokenInsight Research and ViaBTC Capital also participated in the round.
  • WOO Network said it will use the funds to set up a research and development office in Warsaw, Poland, and for staffing and product development.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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