Binance Invests $12M in Liquidity Platform WOO Network

The venture capital arm of Binance, the world’s largest crypto exchange by trading volume, announced a $12 million strategic investment in WOO Network, a liquidity platform that connects users to exchanges, institutions and decentralized finance (DeFi) networks.

“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 [the Binance Smart Chain],” Peter Huo, Binance Labs investment director, said in a press release.
WOO Network provides liquidity to more than 40 institutions, exchanges, trading teams, wallets and decentralized applications. The company’s products include WOO Trade, a platform for institutional investors, and the retail-focused WOO X, which combines zero-fee trading and deep liquidity.
Last year, WOO Network began providing liquidity on Binance Smart Chain with the launch of WOOFi Swap, which uses the liquidity network and institutional market-making techniques to improve pricing and reduce slippage. WOO also provides liquidity to other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch and DODO.
WOO Network closed a $30 million Series A fundraising round in November that included investments from Avalanche, BitTorrent, Crypto.com Capital and Three Arrows Capital.
Founded in 2017, Binance Labs tends to make early-stage investments in companies such as hackathon organizer DoraHacks and interoperability startup LayerZero, but the investor and incubator has also participated in later, larger funding rounds, such as the recent $110 million Series C fundraising round for crypto staking firm Figment that was led by investment firm Thoma Bravo.
The price for the project’s WOO tokens were up 10% over the past 24 hours, nearing a market capitalization of $1 billion, as of 11:52 coordinated universal time (6:52 a.m. ET), according to CoinGecko.

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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Brandy Betz

Brandy covers crypto-related venture capital deals for CoinDesk.

Follow @BrandyBetz 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.