Crypto Exchange WOO Network Closes $30M Series A

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

10 Years of Decentralizing the Future