Following a record 2021 where Venture Capital (VC) firms went on an investment spree, splashing massive capital on crypto, DeFi, and NFT-focused startups, the momentum is picking up again in the new year.
The latest funding announcement came from Binance Labs, the VC arm of Binance cryptocurrency exchange, which said it backed Woo Network with $12 million in its Series A+ round.
Per the announcement, the investment appears to be a solo affair as both Binance and Woo Network sought avenues to bolster their strategic relationship. The funding round is notably going to be used in supporting WOO Network’s rapid expansion through talent acquisition, research and development, and the development of new decentralized products.
Ran Yi, Chief of Ecosystem Development at WOO Network, shared his thoughts on the cooperation with Binance.
“When talking about liquidity, Binance has far-and-away the highest concentration of volume and users of any centralized exchange… As a member of Binance Smart Chain’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship,”
Woo Network has carved a niche for itself as a major liquidity provider for more than 40 institutions, exchanges, trading teams, wallets, and decentralized applications. At present, Woo Network’s suite of clients includes DYDX, Matcha, ParaSwap, 1inch, and DODO, all leveraging capital-efficient solutions to gain an edge over passive liquidity providers.
The funding round comes after Woo Network raised $30 million from investors back in November 2021. Amongst the investors who back the firm includes Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent. On the part of Binance, the firm’s VC has expressed its willingness to continually back innovative platforms in the space.
This is an insight into the potential boost that the investing world will likely witness this year.
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