Binance Labs, the venture capital arm of Binance, the world’s leading crypto exchange, is an institutional liquidity provider. To Woo Network (WOO) announced that it has secured $12 million in strategic funding. Woo Network provides active liquidity to over 40 institutions, exchanges, trading teams, wallets and defi platforms. The Woo network offers two main products for institutional investors, WOO Trade and a retail-focused platform called WOO X.
Peter Huo, investment director at Binance Labs, said of this investment move:
“WOO Network adds significant value to the crypto ecosystem by offering deep liquidity and zero-fee trading, both on-chain and off-chain. Expanding our long-term relationship and especially [Binance Smart Chain] We are excited to explore more collaborations on Binance appreciates the importance of liquidity platforms and looks forward to investing and collaborating with industry leaders like WOO Network.”
Woo has raised over $12 million in its most recent funding round, the second leg of the Series A funding round. Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent contributed to the platform’s $30 million funding round in November last year. The newly raised capital will be used to accelerate the growth of the company through talent acquisition, research & development and the creation of new decentralized products.
Binance’s Incubation Platform Lots of Unicorns* Created
Binance is primarily known for its huge spot and futures market volume, but its incubator arm Binance Labs has also proven time and time again to be an excellent platform for future and new projects.
Polygon (MATIC)is another prominent example of how the incubation platform is helping small crypto startups become the giants of tomorrow.
Changpeng Zhao took to Twitter to support his latest investments, saying “invest in the industry”.
Invest in the industry. https://t.co/wz6iy6l7zG
— CZ 🔶 Binance (@cz_binance) January 4, 2022
Despite some early regulatory setbacks, the world’s leading platform closed 2021 on a high note. The crypto platform has made several new partnerships in the Asia Pacific region and Gulf countries. Binance is now looking to build new hubs and form new partnerships to expand its ever-growing user base.
*It is used in the venture funds industry to denote a technology startup with a combined market capitalization of over $1 billion.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.