Cryptocurrency exchange Binance has announced an investment in another start-up through Binance Labs. WOO Network has received a $12 million Series A+ investment. The native token of the project skyrocketed soon after.
Binance announced the investment in WOO Network after the recent series A round of the project. WOO Network has raised $30 million from investors such as Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, Avalanche, and BitTorrent.
Woo Network will use the recent funding investment from Binance Labs to grow its company via talent acquisition. Additionally, it intends to expand the manufacturing of new decentralized goods as well as research and development.
Since its inception, WOO Network has been providing active liquidity to over 40 institutions, trading platforms, cryptocurrency wallets, and decentralized application platforms. Binance Smart Chain (BSC) initiatives like DODO, 1Inch, DYDX, and others are among them.
According to Binance Labs’ chief investment officer, Peter Huo, WOO Network provides value to the market by allowing both on-chain and off-chain trade. Huo said:
We are delighted to build our long-standing relationship and seek other opportunities for cooperation, especially in the BSC space.
WOO Network’s Ran Yi, who is in charge of ecosystem development, also shared his thoughts:
“Binance has the highest concentration of volume and users in terms of liquidity. Working more closely with Binance across all of their business verticals will help us to accelerate our growth swiftly.”
On the other hand, WOO Network is another move by the venture capital exchange. Last month, the company said that it had helped more than 100 projects get off the ground since 2018.